Blogs

Adding social planning to your financial planning can make a big difference to your health during your retirement. 1 (Lumino Health Jan. ’23)

Retirement is a big life transition. When people leave work, some people let go of a big part of their identity. But preparing for the change can help you thrive. But we often overlook the importance of our social lives as we leave the working life.

Evidence on social connection in retirement

One of the best ways to take charge of your finances is to try and accumulate a healthy savings account. Nobody wants to feel the stress of knowing that they are only a paycheque away from financial calamity. 1 (Rutgers Monthly Finance Message Feb. ’09)

What does the research say about savings?

Many people realize that they have been contributing to CPP for a good portion of their lives but may not be sure when or how much they'll receive at retirement. Here are some facts: ¹ (Manulife Sep. ’21)

Let's walk through what happens to our debts when we pass.¹ (MoneySense March 2023)

Who's responsible for debt after death?

Over the years, I have seen many insurance mistakes. Here is a list of them:

1) Delay putting in place coverage until it is too late. Acquire when you are healthy.

Here are some pointers to help you improve your financial discipline:  ¹ (Kenny Accent Investing Feb ’23)

1) Set Clear Financial Goals

    - goals can help you stay focused and motivated
    - Write them down - they need to be specific, measurable, and achievable

2) Avoid Lifestyle creep 

Hello;

One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s RRIF can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis.

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Here are some simple common-sense guidelines to keep your financial affairs in order:

1) Know where you stand financially: Keep a close eye on your net worth: everything you own less everything you own. Make sure it is moving in the right direction.

2) Living within your means: Do not spend more money than you make

3) Pay yourself first: Every month, take a certain amount of money from your pay cheque and put it into savings

With life insurance, like other matters related to your financial well-being, a “set it and forget it” attitude is not the correct approach to take. So when is a good time to review your life insurance? Here are four instances when a review makes sense.

1)    Your term life insurance is about to renew/expire.