Managing family finances: Introduction
Many Canadians are under the mistaken impression that financial planning is a young person’s game. After all, you’re now retired and you have your pension(s) and perhaps some savings. What financial planning is there to do for managing family finances? I’m here to tell you that it’s never too late to have a financial plan. You may not realize it but there are many financial decisions still to make – even after the age of 65.
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Managing family finances: CIBC financial planning advice
Lana Robinson, executive director, CIBC financial planning and advice, says it’s never too late to plan. The biggest mistake for those heading into their 70s and 80s would be not to have a plan or mistaking a budget for a plan, she said. They might say ” ‘Well I have a budget and I’m living to my budget‘ but is that really a plan?
Have you:
- taken into account all the needs you might have?
- anticipated the cost of healthcare?
- Figured out whether your goal is to have in-home care as opposed to living in a retirement home?
Managing family finances: Can you answer these seven questions?
- Should you take your Canada Pension Plan (CPP) at 65 or defer it?
- Should you take your Old Age Security (OAS) at 65 or defer it?
- How much do you know about Registered Retirement Income Funds (RRIFs) and annuities?
- Do you need to rebalance the risk in your investment portfolio?
- What is the most financially helpful way to use your RRSPs?
- What are your financial goals and what are these goals going to cost you?
- Are you in debt?
Managing family finances: Don’t retire in debt
If we can give you one piece of extremely valuable advice for managing family finances it’s DON’T RETIRE IN DEBT! If you do, your retirement will be extremely stressful trying to figure out how to make ends meet. Family financial planning is not fun when you need a financial plan to get out of debt. But, don’t despair – we can help.
The Ira Smith Team has many years of experience helping people just like you facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. We approach every file with the attitude that financial problems can be solved given immediate action and the right financial plan. Give us a call today and take the first step towards a debt free retirement.
