Financial Planning

Many people do not have workplace-guaranteed pensions and must rely on the Canada/Quebec Pension Plan, Old Age Security as their base retirement income. While those programs replace about 30% of pre-retirement income (based on $57,400) the remaining gap has to be closed by the individual through RRSPs, personal savings and other assets that can generate income.

Meldrum Horne will work with you and your employees to develop retirement programs through financial planning that will achieve a realistic income while taking into account the financial risk involved with living longer.

Saving for retirement is essential, especially with average life expectancy steadily on the rise. Company programs, whether they are shaped as Defined Benefit Pension Plans, Defined Contribution Pension Plans or Group RRSPs, are all designed to provide an organized method of building retirement capital.

With our extensive background in financial planning and estate planning, Meldrum Horne has established a unique and personalized one-on-one service that assesses all financial matters individuals face throughout their lifetime. Working closely with your employees, we will devise retirement planning strategies that may include one or more of the following:

• Estate preservation for individuals including those who are business owners
• Retirement savings strategies including tax-elimination solutions
• Investment recommendations through tax-deferred vehicles
• Elimination of risk in the wealth accumulation stages of life

Not be confused with retirement and estate planning, wealth management involves the careful preservation of the assets you’ve worked so hard to accumulate. We work closely with our clients to develop personalized plans that take the short- and long-term needs of you and your loved ones into consideration.

Life insurance protection can make a big difference in your life and the lives of those who are dependent on you. A financial planning strategy that incorporates life insurance can ensure that money will be available to support your family and eliminate estate liabilities that may arise.

As we move through the various stages of our financial lives from starting out, to settling down in retirement, and every stage in between, financial risk is always there and can reveal itself in many different ways, including:

• outliving your income producing assets i.e. running out of money
• dying prematurely and ending income to those who depend on you
• being unable to work due to disability
• becoming ill in retirement
• dealing with a major illness at any stage of your life

We work with you to determine your financial risks and create strategies to eliminate or substantially reduce those risks. These strategies use various insurance products to accomplish those goals.

You may recall an old children’s fable written by Aesop. In the story of the goose that lays the golden eggs, the owner would get a golden egg on a daily basis; all he had to do was look after the goose.

In that story you can relate the position of the goose to your ability to earn income in order to pay your expenses. If you had such a goose would you insure it to guarantee that your income (your golden eggs) would continue on a regular basis? How much? How long?

Meldrum Horne can help you answer these questions.

Critical illness products provide a “unique sum living benefit” to help your employees protect their financial health following the onset of a serious illness. In addition to providing financial stability, it can also enable them to focus their energy on recovery and quality of life – instead of worrying about financial stability.

These products provide a lump sum when an associate has been disabled from normal functioning as a result of one of the following severe illnesses*

(*Note: Actual policy details will vary according to the insurance carrier chosen to provide coverage)

Disability income insurance protects you from the substantial burdens that can come with unexpected disability.

Statistics show that one in three people will be disabled for 3 months or longer before age 65. When that disability last longer than 3 months, the average jumps to 3 years.

If this happens, it limits your ability to work and make money. At the same time, expenses go up as there are often additional costs associated with accommodating your needs.