financial adjustments Planning for income to last a lifetime Paul Philip, CFP, CLU, and Nancy Philip, CFP, CLU, have been advising hundreds of chiropractors across Canada since 1992. Their firm, Financial Wealth Builders, is located in Toronto, Ontario. To learn more about building your wealth, visit their website at www.fwb-inc.com or contact Paul or Nancy at 416- 497-0008. longEviTy A successful retirement income plan helps ensure that your assets will last through- out your lifetime. That, of course, is predicated on knowing how long you are going to live. Based on today’s higher average life expectancies, plus the possibility that an individual may live well past the average, chiropractors need to plan for 20, 30 or even 40 years of retirement. If they do not, they run the risk of outliving their savings. Statistics indicate that a man who has reached 65 years of age has a 50 per cent chance of living to age 83 and a 25 per cent chance of living to age 89. For a 65-year-old female, those odds rise to a 50 per cent chance of reaching 86 and a 24 per cent chance of living to 92. The odds that at least one member of a 65-year-old couple will live to age 90 are 50 per cent. And there is one chance in four that one member of that couple will live to 94. a fEw Tools THaT Can HElP – rrsPs, Tfsas and rEsPs When it’s time to decide which mix of savings vehicles is right for you, your options can start looking like a bowl of alphabet soup. There are Registered Retirement Savings Plans (RRSPs), Tax-free Savings Accounts (TFSAs) and Registered Education Savings Plans (RESPs). Determining which savings plan, or combination of savings plans, is best depends on your personal situation and your objectives. 14 • CANADIAN CHIROPRACTOR | FEBRUARY 2010 www.canadianchiropractor.ca Nancy Philip, CFP, CLU Paul Philip, CFP, CLU feature
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