With a lightness in the air that we have not felt for ages, it is nice to have the heat, the sunshine, and the patios open. If you need a partner for a lunch date, we are excited to start seeing people again!
Recessions, stock-market declines, housing market bubbles, joblessness and, most recently, a global pandemic have created a series of challenges for people trying to start, grow or maintain a retirement savings plan. Given this rollercoaster, it's natural to wonder if you're doing all you can to protect your retirement nest egg. Taking a “back to basics” approach can empower you and help keep your financial plan on track during uncertain economic times and beyond.
When Margaret and James married in 2005, it was a second marriage for both of them. They had no children, so when they did their financial planning, their wills were clear that 100% of their estates would go to the other. Believing this was sufficient protection, they built a life and continued to grow their wealth.
The goal of financial planning is to build enough assets, by the time you retire, that the income earned from investments (including pensions etc.) will provide you with your desired lifestyle, without the need to get out of bed and go to work.
Simple, right? All other discussions relate to the strategies you can use to build your wealth to the point of Financial Independence or beyond. For true wealth, think about acquiring capital or assets beyond supporting your standard of living.
It's all part of the process when you are arranging a mortgage for your new home. The bank employee inevitably asks if you would like to purchase mortgage insurance. No one likes to think about their own mortality; however, we all know deep down that stuff happens. People contract terminal illnesses or suffer debilitating or fatal accidents.
Over the past year, economic stresses worldwide have resulted in many employees receiving severance packages and being advised that their services are no longer required. The longer you've been employed with an organization, the higher your severance package will be. With the national job market still experiencing varying levels of stress, it is more important than ever to hang on to as much money from an employment severance settlement as possible.
Mutual funds are offered through Investia Financial Services Inc. The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete. The opinions expressed have not been approved by and are not those of Investia Financial Services Inc. This website is not deemed to be used as a solicitation in a jurisdiction where this Investia representative is not registered.
