6 Recession Tips.. it is never too late to plan
Depending on who you ask and the definition they use, a recession has occurred or is about to occur. The traditional definition is two consecutive quarters of economic decline measured in Gross Domestic Product. A more complex definition is a slowing of economic activity and an increasing unemployment rate.
Financial and lifestyle preparations for a recession should be undertaken now to lessen the effects should it occur. And if it does not, then you will be even better prepared for any economic shock that could unexpectedly occur.
Effects of inflation
We all know the cost of goods and services rises over time. Single postage stamps that cost 85 cents just 3 years ago now cost a dollar. The same thing has happened to virtually everything we purchase. This is what we call “inflation” – a sustained rise in the cost of goods and services over time. It also means that the purchasing power of a dollar decreases over time because you need more and more dollars to buy the exact same goods or services. This has important implications for your savings; especially in your retirement years.
Why Living Benefits Are the Foundation of Your Financial Tool Kit
Imagine you woke up today and could no longer go to work – Would you be able to pay your bills? What if you are diagnosed with cancer and must travel for treatments? Could you afford to lose your income and pay for healthcare expenses?
For most Canadians, the answer is no. A survey conducted by RBC found that 50% of Canadians could not afford to take time off work if needed. Luckily, there is a solution available.
A Step-by-Step Guide to Conducting a Life Insurance Audit
tend to neglect the insurance part of their portfolio, but it is one of the most important tools you can have as a part of a financial plan. Just like your investments or other assets it should be reviewed regularly to ensure it is still protecting you in the ways that you need it to. The steps below will help you get started on your own life insurance audit.
What Is Your Financial Independence Number?
Every investor wants to know the answer to the question, “How much money will I need to retire?” Many factors contribute to this determination and it is unique for everyone. For example, someone who earns $70,000 per year will likely be able to live comfortably on $60,000 per year in retirement, but another person who makes $200,000 each year will likely not find that income level realistic. There is a simple way to discover the amount of retirement income you and your family will require, and it is called the Financial Independence Number.
3 Essential Considerations for Women Who Are Planning for Retirement
Retirement Planning is not the same for both women and men. Women face unique hurdles and risks that do not affect their male counterparts. These risks include outliving their money, earning less but having more financial obligation, and aversion to take risks with their money.
Retirement Myths Debunked
We are experiencing a silver Tsunami. The leading edge of the Boomers turned 65 six years ago. On average, 1,250 Canadians turn 65 years old every single day. Most Boomers were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer. With all of this happening, it’s small wonder that the media, politicians and the financial services business are all talking about retirement. That kind of focus may be good, because of what it means for savings habits and pressures on goods and services. There are a lot of myths we have to be wary of if we want to ensure we have an adequate retirement income that lasts a lifetime.
Creating a Healthier Lifestyle
The Covid-19 pandemic has upset the habits and routines of many people. Staying safe and healthy has become a constant concern. The effects of the pandemic are taking a toll on people’s health, both mental and physical. It is more important than ever to eat right, stay active, and do things that make you happy. When it comes to creating a healthier lifestyle for yourself, getting started is the hardest part. Here are a few tips to help you navigate all the information available on diet, hobbies, and fitness!
Essential Tax Numbers for 2019, 2020 and 2021
With a new year comes new tax numbers! Below is a quick reference of important tax numbers for three years, including 2021. CRA has utilized a 1% indexing (inflation) for those numbers subject to that condition.
Working with Your Advisor in the Age of Covid-19
Covid-19 has stopped the world in its tracks. Many Canadians are feeling the stress of volatile markets, job insecurity, loss of income, and fear of contracting Covid-19. You may be feeling like you need the advice and support of your advisor now more than ever. The good news is your advisor is here to see you through these tough times; business might just look a little different!
