Financial Plan Implementation Process
A Step By Step To Help You Implement Your Financial Plan with Parallel Wealth
Step #1: General Outline of the Financial Planning Software.
This short video outlines how to view the PDF report and how to add up your income in retirement.
Step #2: How Your Income is Calculated
There are multiple items that affect your income and taxes. This video breaks down how this works.
Step #3: Converting Your Accounts for Income
The timing of converting your RRSP to a RRIF, LIRA to a LIF and other income account can be confusing, this video will outline the timing and why to convert within your plan.
Step #4: Real vs Nominal Income
This video will break down the difference between real and nominal income and explain the inputs that factor into each number.
Step #5: Marginal vs Effective Tax Rates
We break down the difference between the 2 tax rates and why the focus on retirement is on your effective tax rate and the role it plays in reducing your overall tax bill.
Step #6: Your Plan Goal Posts
One of the first questions we get is if and when to update a plan. This video outlines your plan goal posts and will give you a clear direction on when your plan is too far off track moving forward.
Step #7: Adjusting the Plan in Bad Markets
We break down what to do during bad markets and what adjustments to make (and not make) when your portfolio is down.
Step #8: The Importance of Your Flex Account
Every needs to have a flex account in their plan. It might be your TFSA, non-reg or other. This video outlines how to most effectively use it to the benefit of your plan.
Step #9: Following the Tax Plan
Above anything in your plan, the tax planning is the foremost important aspect to follow. This video will highlight what to look for, look at and how to best follow within your plan.
Step #10: Pre Retirement Savings
If you have a few years before retirement, this video will show you how the savings and tax planning works from today until your retirement.
Step #11: 5 Biggest Implementation Mistakes
We share with you the 3 biggest mistakes we see clients make in the implementation of their plan. Make sure to watch this video to ensure you don't make these mistakes too.
Need Further Help Implementing Your Plan?
Email [email protected] to learn about the ongoing support options we have available.
