Keep The Condo…Pay Down The Mortgage…Lower Your Taxes
On the Globe and Mail website today is a segment in which a reader poses a question about her financial situation and a financial planner provides some advice.
In this segment, a 57 year old woman on disability with some savings, some equity in a condominium and a fairly manageable mortgage asks how to best go about her finances when it comes to retirement.
While not a high income earner, this woman would be paying taxes, and as noted by the financial planner who was giving the advice, taxes would be a concern to her in withdrawing the RRSP savings she has in place after she retires in order to supplement her income.
The missing link in providing her a more comfortable retirement that the financial planner appears to have overlooked is making her mortgage tax deductible and accumulating a wealth portfolio with the Tax Deductible Mortgage Plan (TDMP). She still has 8 years before she turns 65, in which time she could make significant headway in making her mortgage entirely tax deductible, and being able to have more assets at retirement to draw on for income. Many borrowers are able to decrease the time they take to pay off their mortgage by 50% or more. The plan is cost neutral also, so she would not have to pay any extra money to fund the plan.
If you are in a situation like this woman is, it is not too late to turn things around. If you have more time until retirement, then now is the time to start this safe, effective strategy to ensure your retirement is a well funded one.
I am a TDMP certified mortgage broker, and I can help you with this plan. Please fill out the simple form below, and we can work together to see how the TDMP will work for you.[contact-form-7 404 "Not Found"]
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