She adds while TBR is primarily aimed at financial advisors, but is also written to be accessible to consumers – that is, their customers Retire. “Where TBR differs from Retire is that it is quite agnostic in its recommendations for consultants and clients. There is no “big idea” that drives the book. Instead, a wide range of topics is covered, from estate planning and risk in retirement to the choice of where to live (condominium? Retirement home? Stay?)
Both books focus on creating retirement income when you don’t have a DB pension. “This is just a reaction to the reality of retirement planning for the growing number of the ‘pensioners,'” says Macqueen. “If you don’t have a lifelong income, you have to make it or take your risk. Whichever you choose, here is a compilation of relevant facts, principles, and issues to consider when creating your plan. “
Since it was just released, even the new edition couldn’t have included the innovative mix of tontines, variable annuities, and mutual funds of the Purpose Longevity Fund that we described in one of my most recent MoneySense columns.
The book also touches on the intergenerational transfer of wealth from boomers to their children. It is ironic that the boomers have amassed considerable fortunes while their children – many of them millennials – struggle to gain a foothold in the proverbial real estate ladder, especially in very expensive real estate markets like Toronto or Vancouver. and increasingly elsewhere in Canada.
The TFSA is the most common tool used to achieve intergenerational wealth transfer, says co-author David Field via email. TFSAs and other sources of income for retirement are covered in Chapter 4, while Chapter 9 focuses solely on estate planning, including passing the family home to the next generation. It also deals with trusts, estate fees, co-ownership issues, wills and powers of attorney for real estate and personal care.
It also caters to the needs of those considering becoming Snowbirds or even moving permanently outside of Canada by giving up their Canadian residence.
In fact, the book is so thorough that it is a reminder of how complex the Canadian tax and pension planning world is. Just last week when I did blogged on my own site, For Canadians approaching the decumulation years, financial literacy regarding retirement income has declined in recent years, according to the results of the Institute for Retirement Provision.
In short, there is a knowledge gap about retirement income that is well filled by TBR.