Ask the Expert - Jeff Duffey - Wealth Advisor & Certified Financial Planner

Jeff Duffey, Wealth Advisor

With over 25 years of experience in the financial services industry at Sun Life Financial, Jeff Duffey, CFP has built a trusted reputation in helping individuals, families, young executives and business owners navigate their financial futures. Specializing in investment, retirement, and estate planning, Jeff delivers personalized strategies that align with each clients goals and values. Know for a thoughtful, client first approach, Jeff is committed to providing financial clarity and confidence in every stage of financial life. He is a Certified Financial Planner.

Retirement Planning

Creating a successful retirement plan begins with clarity around your goals, lifestyle expectations, and potential healthcare needs. It is crucial to calculate your projected retirement expenses realistically, factoring in inflation and the possibility of living well into your 90s. Building a diversified portfolio that balances growth, and security will help ensure your assets last throughout retirement. Incorporating guaranteed income sources, such as pensions or annuities, alongside your investment accounts provides greater confidence that essential expenses will be covered regardless of market fluctuations.

Estate planning goes hand in hand with retirement preparation, ensuring your legacy is distributed according to your wishes while minimizing tax burdens and administrative challenges for your loved ones. Experts recommend maintaining an updated will, establishing power of attorney documents, and considering the use of trusts to protect assets, provide for dependents, or manage charitable giving efficiently. Reviewing beneficiary designations on registered accounts and insurance policies regularly is equally important, as these override instructions in your will.

The most effective strategies integrate retirement and estate planning into a single cohesive approach. For instance, determining your withdrawal strategy from registered and non-registered accounts not only supports your retirement cash flow but also influences the tax implications of your estate. It is important to begin planning early, review your plans at least annually, and communicate intentions clearly with family members to avoid future disputes or confusion. This proactive, holistic approach protects both your financial security in retirement and the smooth transfer of your wealth to the next generation.