Random Musings

The Defined Benefit Pension is slowly becoming a thing of the past. Gone are the days when you can work for an employer for 30 years and retire knowing you will have a set amount of income provided by said employer for as long as you live. There are only a few defined benefit pension plans left in Canada, mainly due to the cost of keeping them afloat for such a long period of time. With people living longer and longer, companies will be on the hook to make payments further into the future.

As part of my Financial Education seminars, the topic of mortgage insurance always comes up. “I don’t need more insurance, Ken. My mortgage is protected by the bank.” Is it? Let us examine exactly what you are paying for and what is actually protected.

Life happens. Sometimes life is great and other times …. not so much. Here is a list of 5 times Life Happens and you should speak to a financial planner.

Let’s talk about investment myths. Have you started investing yet? If the answer is yes, think about the last time you sat down with a financial advisor and reviewed your portfolio to ensure your investment strategy is still aligned with your goals. If the answer is no, ask yourself why not? Maybe it’s because you don’t think you can afford it, maybe it’s because you’re afraid of the risk versus reward or maybe it’s because you don’t see the value in paying fees.

Every good financial plan has a solid base. In that base are items like cash flow management, risk management through insurance and having an up-to-date will. A recent survey found that 56% of Canadian do NOT have a will. I recently had a client pass away and they didn’t have a will, which made for some very tough situations for a family already going through a difficult time.

I am not going to tell you to “buy this, sell that.” I can’t for the simple reason I have no idea who you are, what your financial goals are, what taxes you owe, what you earn, how much you have saved and how old you are. Without knowing those factors (and other relevant information), how can anyone tell you what is right for you? Instead, I am going to share 5 ideas with you.