How do I get started with 49th Parallel Wealth Management?

It’s easy! Just book a free consultation through our website or give us a call. We’ll discuss your unique situation and outline how we can help you achieve your financial goals on both sides of the border.

Do I need to have a high net worth to work with you?

Not at all! We work with clients at all stages of their financial journey—from young professionals just starting out, to retirees with complex cross-border needs. Our goal is to provide value, clarity, and peace of mind to everyone we serve.

What services do you offer besides investment management?

In addition to investment management, we offer retirement planning, tax strategies, estate planning, and currency management all tailored for cross-border clients. We take a holistic approach to ensure every part of your financial life works together smoothly.

Can you help with both Canadian and U.S. domestic only individuals?

Yes! We specialize in cross-border complexities, but we also help with domestic only clients as well. In other words, if you only have Canadian interests we can assist and vice versa.

: What makes 49th Parallel Wealth Management different from other financial advisors?

We specialize in cross-border financial planning for Canadians and Americans. Which in turn makes us qualified to help in all areas including domestic financial planning as well. Our team understands the unique tax laws, investment strategies, and retirement rules on both sides of the border. We focus on simplifying complex issues so you can achieve long-term financial success no matter where life takes you.

How Social Security Service Cuts Are Impacting Wait Times

Recent developments within the Social Security Administration (SSA) have led to significant service disruptions, including prolonged waiting times and office closures. These changes, driven by budget cuts and policy shifts under the Department of Government Efficiency (DOGE), headed by Elon Musk, have raised concerns among beneficiaries and financial advisors alike.

Impact on Social Security Services

The SSA is undergoing substantial budget reductions. This includes plans to reduce its workforce by over 12% and close 47 local offices. Such measures have already resulted in increased wait times for beneficiaries seeking assistance. For instance, average phone hold times have increased, and field offices are experiencing overwhelming demand, leading to long lines and scheduling challenges.

New Identity Verification Requirements

Compounding these challenges are new identity verification procedures implemented by the SSA to combat fraud. Beneficiaries who are unable to verify their identity online are now required to do so in person at SSA field offices, many of which are now being closed. This policy change has been met with criticism, particularly from advocacy groups and retirees who argue that it creates additional barriers, especially for older adults and those in remote areas with limited internet access.

Considerations for Cross-Border Clients

There are three types of cuts affecting Social Security recipients right now: no identity verification over the phone, office closures, and staffing reductions. For clients of 49th Parallel Wealth Management, especially those navigating cross-border retirement planning, these SSA changes necessitate proactive measures:

Online access: Setting up a mySocialSecurity account is easier when you live in the U.S. Set up your account before leaving the U.S. to avoid difficulties when living in Canada. You want to avoid having to make a trip to the U.S. to apply for benefits, especially if you are not a U.S. citizen or a Green Card holder with a Reentry Permit. There are reports of visitors being detained and deported for minor errors in their paperwork. You are still eligible for the Social Security benefits you earned while working in the U.S., even if you later leave the country and give up your immigration status. Being deported without the ability to access Social Security online could result in you missing out on your benefits for several years.
Stay Informed: Regularly monitor updates from the SSA regarding policy changes and service availability.
Plan Ahead: Anticipate longer processing times for Social Security-related matters and initiate applications or inquiries well in advance.
Utilize Online Services: Where possible, use the SSA’s online platforms to manage benefits and reduce the need for in-person visits.
Seek Professional Guidance: Engage with financial advisors to navigate the complexities of cross-border retirement planning, ensuring compliance with both U.S. and Canadian regulations.

By staying informed and planning accordingly, clients can mitigate potential disruptions and continue to effectively manage their retirement strategies amid these SSA changes.