Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Give Expert Insights on Maximizing Your RRSP

20. Mar 2025 Trusted Tips Saskatoon Financial Services, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Their Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. In their latest tip, they give expert insights from Wiegers Financial & Benefits on Maximizing Your RRSP.

Maximizing Your RRSP: Expert Insights from Wiegers Financial & Benefits

As life evolves, so do your financial priorities. At Wiegers Financial & Benefits, we recognize the significance of optimizing your Registered Retirement Savings Plan (RRSP) to help secure your future. By taking a personalized and strategic approach, we ensure your financial plan adapts to your changing needs. In this article, financial planner Kim Chicoine shares valuable tips to help you get the most out of your RRSP and work toward a more confident retirement.

Aligning Your Savings with Your Financial Objectives

Balancing daily expenses with long-term savings can be challenging, but watching your investments grow over time makes it worthwhile. To make the most of your RRSP, consider diversifying with a mix of investment options such as guaranteed investment certificates (GICs), mutual funds, segregated funds, stocks, and bonds. These choices, when integrated into your RRSP or Tax-Free Savings Account (TFSA), can align with your risk tolerance and financial goals.

Proven RRSP Strategies to Enhance Your Savings

Automate Your Contributions for Consistent Growth

A simple yet effective way to stay on track with savings is by setting up a Pre-Authorized Chequing (PAC) plan. This method ensures your RRSP contributions happen automatically, treating them like a fixed expense. By contributing regularly, you benefit from dollar-cost averaging, which helps smooth out market fluctuations. You can also schedule annual contribution increases, allowing your savings to grow progressively over time.

Leverage an RRSP Loan to Maximize Contributions

If you haven’t taken full advantage of your RRSP contribution room in previous years, an RRSP loan can be a useful tool. This approach provides additional time for your investments to grow while potentially yielding a tax refund that can help repay the loan. While not suitable for everyone, an RRSP loan can offer key benefits such as:

Accelerating your retirement savings
Potentially increasing your overall retirement fund
Lowering your taxable income through a larger deduction

Consider a Spousal RRSP for Tax Efficiency

For couples, a spousal RRSP can be a strategic way to optimize retirement savings and minimize taxes. The higher-income spouse contributes to the plan and claims the tax deduction, while the lower-income spouse holds ownership of the account. This strategy can help balance income levels in retirement and reduce overall tax liability. However, it’s essential to understand the withdrawal rules, especially for contributions made in the last two years. Consulting with a financial advisor can help determine if this approach suits your situation.

The Importance of Starting Early

Although RRSP season may still be ahead, making contributions early allows your investments more time to benefit from compound growth. Regular contributions not only enhance your retirement fund but also foster disciplined saving habits. If you’re unsure which strategies best fit your financial picture, speaking with an advisor can provide clarity and guidance tailored to your needs.

At Wiegers Financial & Benefits, we’re committed to helping you develop an RRSP strategy that aligns with your long-term financial objectives. Take action today and begin building a secure future.

Kim Chicoine, CFP, B.Comm.
Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.
Financial Planner, Manulife Wealth Inc.

The opinions expressed in this article are those of the author and do not necessarily reflect those of Manulife Wealth Inc.

Wiegers Financial & Benefits Is A Trusted Saskatoon Financial Advisor

The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc.

Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Wiegers Financial & Insurance Planning Services Ltd. Banking products and services are offered by referral arrangements through our related company Manulife Bank of Canada.

Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explain Key Strategies for Effective Financial Planning

20. Mar 2025 Trusted Tips Saskatoon Financial Services, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Their Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. In their latest tip, they go over some key strategies for effective financial planning.

Wiegers Financial & Benefits: Key Strategies for Effective Financial Planning

When thinking about financial planning, people often focus on exciting aspects like growing their investments or envisioning an ideal retirement. However, they may overlook crucial yet less glamorous details that form the foundation of a secure financial future. Just like a home with stylish upgrades can still have structural weaknesses, a financial plan with overlooked gaps can leave you at risk. Let’s explore some commonly neglected areas and how to address them before they turn into costly mistakes.

Overlooked Aspects of Financial Planning

Inadequate Insurance Protection

Insurance serves as a safeguard within your financial plan, yet many assume that employer-provided coverage is sufficient. In reality, it often falls short. If you have dependents or outstanding debts, lacking adequate life or disability insurance can put you in a vulnerable position. Additionally, umbrella insurance is frequently disregarded but offers valuable protection in case of major liability claims. While insurance may seem like an unnecessary expense, it is an essential component in securing your financial stability.

Neglecting Estate Planning

Estate planning isn’t just for the elderly or wealthy—it’s important for anyone who wants to ensure their loved ones are taken care of. Without a legally sound will, power of attorney, or healthcare directive, critical decisions regarding your assets and medical care could be left to the courts. A well-prepared estate plan ensures that your wishes are carried out and prevents unnecessary stress for your family.

Unrealistic Retirement Planning

Many individuals contribute to retirement accounts without a precise understanding of how much they will need. Common mistakes include underestimating future living costs, overlooking inflation, or ignoring healthcare expenses. A solid retirement strategy involves more than just saving—it requires realistic projections, a diversified investment approach, and, often, the insight of a financial professional.

Lack of Tax Planning

While paying taxes is inevitable, overpaying them is not. Using strategies like tax-efficient investing, maximizing contributions to tax-advantaged accounts, and planning for required minimum distributions can help retain more of your wealth. A financial expert can guide you in navigating tax regulations and identifying ways to enhance your tax efficiency.

Insufficient Emergency Savings

An emergency fund is crucial for handling unexpected financial setbacks, yet many individuals overlook this fundamental element. A sudden expense, such as a medical emergency or vehicle repair, can derail your financial plans if you’re unprepared. Aim to accumulate three to six months’ worth of expenses in a high-yield savings account to prevent relying on credit in difficult times.

Unclear Financial Goals

Simply saving money without a clear objective can hinder progress. Having well-defined financial goals makes planning more effective. Instead of vague aspirations like “saving for a home,” specify goals such as “saving $100,000 for a down payment within five years.” Setting clear targets provides motivation and ensures your actions align with your long-term vision.

Overestimating DIY Financial Planning

Managing finances independently can be effective in some cases, but it’s easy to overlook key details or make costly errors. A professional financial advisor brings expertise, an objective perspective, and a holistic approach to your financial health. Consider them a valuable guide in helping you navigate potential pitfalls and stay on course toward your financial goals.

Proactive Planning Prevents Costly Mistakes

Even minor gaps in financial planning can lead to significant challenges if left unaddressed. The good news? Every shortfall can be corrected with strategic planning and the right guidance. By identifying and resolving these gaps early, you can build a robust and resilient financial future.

Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits Is A Trusted Saskatoon Financial Advisor

The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc.

Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explore the Benefits of Becoming an Employer of Choice

20. Mar 2025 Trusted Tips Saskatoon Insurance, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain how becoming an Employer of Choice allows for a stronger financial future. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

Becoming an Employer of Choice for a Stronger Financial Future

Wiegers Financial & Benefits stands out as a leading financial planning and employee benefits consulting firm in Saskatchewan. Our Financial Planning Division is committed to providing business owners, individuals, and families with expert investment and insurance strategies to help them achieve their long-term financial goals. Meanwhile, our Group Benefits and Retirement Division is dedicated to meeting the diverse needs of our clients. In this article, we explore how you can position your company as an employer of choice.

How Does a Healthier Bottom Line Benefit Your Business?

A strong bottom line signals financial success, but how do you reach that point? A key factor is fostering a workforce that is both satisfied and healthy. Offering a comprehensive benefits package that includes wellness initiatives can significantly enhance employee morale and efficiency.

The phrase "the great resignation" has come to represent the ongoing challenge of attracting and keeping top talent. This issue affects small businesses just as much—if not more—than their larger counterparts. While group benefits and perks have traditionally played a role in employee retention, they no longer provide the same competitive advantage as they once did.

Today’s workforce is seeking more flexible benefits and additional support for their financial well-being. So how can businesses attract and retain employees while also managing costs effectively? Structuring benefits plans to encourage cost-effective choices is one strategy. Additionally, investing in mental health resources can provide critical support for employees grappling with the lingering effects of the ‘shadow’ pandemic, which has resulted in heightened stress and uncertainty. Mental health concerns, long a factor in short-term disability claims, have now become the leading cause of long-term disability claims. Particularly concerning is the 49% rise in long-term mental health claims among employees aged 18 to 35 since 2019.

Insurance providers recognize these trends and have begun offering virtual mental health programs, some as part of standard coverage and others as optional add-ons. The key lies in early intervention to prevent employees from reaching the point of disability or incurring significant expenses on treatments and medications. Tools like Ergoworks, offered by Bridges Health, can play a crucial role in minimizing both the number of employees on disability leave and the duration of their absence.

The Value of Employee Benefits

Providing a well-structured group benefits plan is one of the most effective ways to support your employees both now and in the future. Interested in learning more? In this VLOG, Benefits Advisor Matthew Hill and Group Retirement Associate Danielle Roberge discuss how businesses can enhance their benefits offerings to stay competitive.

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefits Explain The Impact of Employer Matching

20. Mar 2025 Trusted Tips Saskatoon Financial Services, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain how to maximize group retirement plans and the impact of employer matching. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

Maximizing Group Retirement Plans: The Impact of Employer Matching

At Wiegers Financial & Benefits, one of Saskatchewan’s leading financial planning and group benefits firms, we understand the challenges of attracting and retaining top talent. In today’s competitive job market, businesses need to stand out. More than ever, employees seek workplaces that prioritize their well-being. A strategically designed Group Retirement Savings Plan (GRSP) with employer matching can be a game-changing tool in your compensation strategy, helping to position your company as an employer of choice. Let’s explore how employer matching enhances retirement savings and benefits both employees and employers.

Understanding Employer Matching in Group Retirement Plans

Employer matching is a straightforward yet highly effective feature in group retirement savings plans. It involves the employer contributing funds to match a portion of an employee’s retirement contributions. Some companies match dollar-for-dollar, while others contribute a percentage, such as 50% of the employee’s contributions.

This shared investment fosters a partnership between employer and employee, reinforcing a commitment to financial security. But what makes employer matching such a crucial benefit? Let’s take a closer look.

Why Employer Matching Benefits Employees

1. Faster Retirement Growth
With employer contributions supplementing their savings, employees can build their retirement funds more quickly. The combination of matching funds and compound interest can result in significantly larger retirement savings over time.

2. Encouraging More Participation
Many employees hesitate to contribute to a retirement plan due to immediate financial priorities. Knowing that employer contributions are available can motivate employees to participate and contribute consistently, ensuring they don’t miss out on additional funds.

3. Greater Financial Stability
Financial concerns are a leading cause of workplace stress. Employer-matched savings plans help employees feel more secure about their future, reducing anxiety and improving overall productivity.

The Employer Advantage: Why Offering Matching Makes Sense

1. Attracting and Retaining Talent
A strong benefits package—including employer-matched retirement contributions—makes a company more attractive to job seekers. Prospective employees look beyond salary when evaluating offers, and a robust retirement plan signals long-term support and investment in their future.

2. Increasing Employee Loyalty
Employees are more likely to stay with a company that supports their financial well-being. Implementing a vesting schedule ensures that employer contributions become fully owned by employees over time, providing an incentive for long-term commitment.

3. Tax Benefits for Employers
Employer contributions to retirement plans are tax-deductible, offering financial advantages to businesses. Additionally, employees benefit from reduced taxable income, creating a mutually beneficial arrangement.

4. Boosting Employee Engagement
A workplace that invests in its employees fosters higher levels of engagement and satisfaction. When workers feel valued, they are more likely to be motivated, productive, and committed to their roles.

Addressing Common Concerns About Employer Matching

“What if our budget doesn’t allow for high matching contributions?”
Even a modest employer match can have a meaningful impact. Many businesses find that the long-term advantages, such as lower turnover and increased productivity, outweigh the costs.

“How do we ensure employees take advantage of the plan?”
Educating employees about the benefits of employer matching is key. Clear communication and financial literacy programs help employees understand the value of participation.

“How can we ensure fairness in our contributions?”
Setting clear and consistent matching rules across all eligible employees helps maintain fairness. Offering flexible options, such as different contribution levels, allows for inclusivity while ensuring equity.

Best Practices for Implementing an Employer Matching Plan

Establish Clear Limits: Define the percentage or dollar amount your company is willing to match to maintain financial control.
Implement a Vesting Schedule: This strategy encourages employees to stay with the organization longer by gradually increasing their ownership of employer contributions.
Educate Employees: Use multiple communication methods to explain the value of employer matching and encourage participation.
Consult a Group Benefits Expert: Work with a trusted financial consultant to develop a plan that aligns with your company’s budget and goals.
Regularly Review and Adjust the Plan: Ensure the plan continues to meet the evolving needs of your workforce and business.

The Real-World Impact of Employer Matching

Consider this example: Emily, a 35-year-old employee earning $60,000 annually, contributes 5% of her salary to her retirement plan. Her employer matches 50% of her contributions, adding $1,500 annually to her savings. With a 6% average annual return, Emily’s retirement fund could grow to over $250,000 by the time she retires—just from her employer’s contributions alone. This example highlights how even a modest employer match can significantly boost long-term savings.

Final Thoughts

Employer matching isn’t merely a business expense; it’s a long-term investment in your workforce and company culture. By implementing a well-structured matching program, you not only enhance your employees’ financial well-being but also create a more engaged and loyal team.

If you’re considering adding or improving an employer matching program, I can help. Let’s work together to design a plan that supports both your employees and business objectives. Reach out today to explore your options and start building a more secure financial future for your team—one contribution at a time.

The Advisor and Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. (“Manulife Wealth”) do not guarantee the accuracy of information from third-party sources and assume no responsibility for inaccuracies in linked content. The views expressed do not necessarily reflect those of Manulife Wealth. Information is subject to change without notice.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors

Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explain The Importance of Succession Planning

21. Nov 2023 Admin Saskatoon Financial Services, Trusted Tips

Wiegers Financial & Benefits is one of Saskatchewan's largest private financial planning and employee benefits consulting firms. Their Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division.

THE IMPORTANCE OF SUCCESSION PLANNING

Whether it’s a well-loved breakfast diner that feels like the hub of the community or a factory that manufactures safety shoes and work gloves, creating and growing a small business is incredibly rewarding and requires a lot of hard work. After toiling long hours to become successful, most owners want the business to continue thriving long after they step away.

A carefully crafted succession plan is important to any successful small business. It can help you clearly identify your company’s goals, protect the business's legacy, plan for the unexpected, and prepare for the financial security of your family and employees. The planning process can feel overwhelming at first, but carefully considering all aspects of your business is time well spent.

GETTING STARTED

There’s no time like the present. Succession planning can clarify how you visualize your future success, even if you just opened the doors to your business. Planning helps you narrow down your goals and objectives, identify the right person to take over one day and prepare for financial setbacks.

Bob Labrecque, a succession planning consultant with Manulife Securities, says business owners often wait too long to begin the planning process, starting when they’re only three or four years away from retirement. “A good succession plan is a five-to-10-year strategy of building the business, and then transferring ownership while it’s in a growth phase – not in a maturity or a declining phase,” he says. “And you want a team of experts in place to help make this happen. An advisor is a key member of this planning team.”

The first step in developing a business succession plan is to self-reflect and ask yourself some critical questions. Consider the following:

When would you like to retire or step back from running the business?
What kind of future would you like to see for your business?
Do you have a successor in mind with a mentoring plan in place?
Are there any weaknesses in your current business operations that must be addressed?
What is your plan for handling unexpected events, such as illness, financial difficulties, or the retention of top employees?
Do you have a team of financial and legal experts to help you with the planning process?

ESTATE PLANNING AND TAXES

Even though running a successful business can occupy your full attention, looking at the bigger picture and how a business succession plan dovetails into your personal plans is essential. An advisor can help determine a company's financial value and opportunities for growth and also help with retirement and estate planning.

A business owner hoping to step down must plan for adequate retirement income to maintain his or her desired lifestyle, put a savings plan in place to cover future expenses such as a child’s education, and set up life and disability insurance plans so loved ones are well cared for in the event of severe illness or death – all while maximizing tax-planning opportunities.

MANAGING EMOTIONS

As you are getting your succession plans down on paper, don’t discount the emotional impact that this major life event might have on you and the entire organization. Labrecque says leaving can be very difficult and emotional for many business owners.

“Quite often, for a first-generation business owner, this is their baby, and there can be strong protective feelings that nobody else can do what they do.”

Owners have some crucial decisions to consider:

Take an honest look at who can lead the business and compile a short list of candidates
Create a succession team to help navigate the financial, legal, and human resource aspects of the transition
Explore new opportunities for the organization to ensure continued strength and growth
Establish a co-lead to allow the current owner to begin stepping back into a lesser role

If the intent is to transition the business within the family, a specialist called a family facilitator might also be helpful.

“Family transfers are the most complicated because they involve not only the business but the family dynamics,” says Labrecque. “Families also need to have honest discussions about whether children even want to take over the family business. They may want the money and the lifestyle but do they find the work interesting?”

WINDING DOWN

As a business owner prepares for retirement, there might still be an opportunity to stay involved and active but at a slower pace. A step-down approach is possible, where the ownership is transferred, but the owner stays on in a limited capacity for a set duration to help with the transition. After a lifetime of work, the boss can gradually ease into retirement rather than giving up everything all at once.

Succession planning can be a rewarding process that sets the tone for your business's overall success. For more information about getting started on a succession plan, please contact Wiegers Financial & Benefits to speak with one of our experienced advisors.