Kevin Ridgeway Outlines Strategic Spending Plans for Retirees

Financial planner Kevin Ridgeway argues that retirees must shift from a mindset of accumulation to a strategic spending plan to maintain stability and tax efficiency. As the founder of PrimeNet Financial, Ridgeway emphasizes that professional planning allows retirees to understand their spending flexibility without relying on aggressive growth strategies.

Using a recent client case, Ridgeway describes the process of organizing diverse assets, including investment portfolios, real estate, and government benefits such as the Canada Pension Plan and Old Age Security. The process involves reducing unnecessary risk by diversifying portfolios that are overly concentrated in specific sectors, such as Canadian bank stocks.

Ridgeway also highlights the importance of managing tax withholdings for Registered Retirement Income Fund withdrawals to prevent unexpected tax liabilities at the end of the year. By organizing these assets, he asserts that retirees can support their desired lifestyle with greater clarity and financial security.