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Planning versus Predictions
Focus on what you CAN control
We’re in peak season of bold predictions about economies, interest rates and inflation.
My advice: Ignore all of that noise. We have no control over it anyway.
A better use of your time is to schedule a FINANCIAL PLAN review with me.
Why? There may be significant events or changes in your life that could impact your financial plan and future well-being. For example:
Birth of a new child. Your insurance and savings requirements change immediately.
Health issues. I’ve had clients mention changes in their health that resulted in a lump-sum,
tax-free payout of their Critical Illness insurance policy benefit.
Death of a loved one. Maybe we need to update the beneficiaries on your insurance policies and investment accounts. Or perhaps you are thinking more about your own estate and loved ones. My family recently updated our estate plan, and it was a very valuable undertaking. I can offer some fresh insights.
Relocating / downsizing your home. There may be opportunities to save money now and/or improve the tax-efficiency of your retirement income. I can suggest and implement appropriate strategies for you.
Upcoming mortgage renewal. I have access to an alternative to traditional bank financing that might work for you. Also, we can confirm your insurance levels are suitable for your debt levels.
Kids preparing for university. Do we have appropriate cash levels in your Registered Education Savings Plan to fund their initial tuition and expenses?
Decisions around a workplace pension. At retirement, you may have a one-time opportunity to convert your pension to a lump-sum, tax-deferred payout. This increases the flexibility of your retirement income, and possibly creates a legacy for the benefit of your loved ones.
Updated financial goals. Have you set a retirement date? Have we discussed your required Lifestyle Needs once you stop working? Do your current contribution rates and investment returns support these goals? Have we discussed leaving a legacy to people or causes that are important to you? Would you like to see some of your investments supporting socially responsible themes?
Remember: “Having an investment portfolio” is not the same as “having a PLAN”.
My advice: Ignore all of that noise. We have no control over it anyway.
A better use of your time is to schedule a FINANCIAL PLAN review with me.
Why? There may be significant events or changes in your life that could impact your financial plan and future well-being. For example:
Birth of a new child. Your insurance and savings requirements change immediately.
Health issues. I’ve had clients mention changes in their health that resulted in a lump-sum,
tax-free payout of their Critical Illness insurance policy benefit.
Death of a loved one. Maybe we need to update the beneficiaries on your insurance policies and investment accounts. Or perhaps you are thinking more about your own estate and loved ones. My family recently updated our estate plan, and it was a very valuable undertaking. I can offer some fresh insights.
Relocating / downsizing your home. There may be opportunities to save money now and/or improve the tax-efficiency of your retirement income. I can suggest and implement appropriate strategies for you.
Upcoming mortgage renewal. I have access to an alternative to traditional bank financing that might work for you. Also, we can confirm your insurance levels are suitable for your debt levels.
Kids preparing for university. Do we have appropriate cash levels in your Registered Education Savings Plan to fund their initial tuition and expenses?
Decisions around a workplace pension. At retirement, you may have a one-time opportunity to convert your pension to a lump-sum, tax-deferred payout. This increases the flexibility of your retirement income, and possibly creates a legacy for the benefit of your loved ones.
Updated financial goals. Have you set a retirement date? Have we discussed your required Lifestyle Needs once you stop working? Do your current contribution rates and investment returns support these goals? Have we discussed leaving a legacy to people or causes that are important to you? Would you like to see some of your investments supporting socially responsible themes?
Remember: “Having an investment portfolio” is not the same as “having a PLAN”.
January 19, 2022
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