Smoke and Mirrors: Financial Myths That Will Ruin Your Retirement Dreams

Duration: Full day
Level: Introductory
Subject Area: Wealth Management
Instructor: David Trahair
 
DESCRIPTION:
There is a lot of confusion when it comes to retirement planning. How much will a family need to retire comfortably? Are RRSPs the best answer? Can the stock market be trusted?
 
The standard answers from the “experts” include: start an RRSP early and maximize your contributions, use the stock market and mutual funds for the best returns, put faith in a financial adviser. But what if those answers are wrong?
 
The problem is that much of the common advice is from people with a conflict of interest. Many are simply trying to sell financial products that make them money… at your expense. This course is designed to cut through the sales pitches and get to the simple truths.
 
TOPICS
The five main retirement myths:
1. If I had $1,000,000 I could retire. Why much less than a million might be sufficient.
2. RRSPs are the holy grail of retirement. Explore an alternate strategy that is guaranteed, has no-risk, and eliminates fees.
3. Don’t worry about your investments: You’ll be fine in the long run. Why you may not be making the eight to ten per cent a year they often talk about. What your adviser doesn’t want you to know, and how to calculate your own investment personal rate of return.
4. Income taxes are the enemy. How tax schemes and shelters sabotage your personal finances and why they should be avoided at all costs.
5. Buy permanent life insurance to secure your financial future. Who really needs it, who doesn’t, the perils of whole and universal life, how to get term life cheap. Critical illness and long-term care insurance. 

Other subjects:
Mortgages: All about the different types, how to optimize your mortgage strategy and find the lowest rates. 
Behavioural Economics: Why we seem to be wired to be bad at finances and what to do about it.
Car strategy: Whether to buy or lease your car.
 
WHO WILL BENEFIT
People who need a refresher on advising clients on retirement planning, and anyone who is interested in what they need to do to retire well.
 
Special Instructions/Notes:
This is a hands-on workshop. Though not mandatory, you are encouraged to bring a laptop to work along during the program on spreadsheets including the “Retirement Optimizer” to calculate how much you’ll need to retire, the “Personal Rate of Return Calculator” to see how well your investments have been doing and the “Car Lease vs Buy Analyzer” to help you optimize your car strategy. All spreadsheets are FREE with the course.

Each attendee will get a FREE copy of the most recent edition of David Trahair’s book "Smoke and Mirrors".

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