Building a Future

Ages 40 - 50
Your 40’s and early 50’s should see you well along the road towards meeting your financial goals. You may be in your prime income earning years but face the greatest demands on your money and time. Even with these pressures, there is time to review your plans, make necessary adjustments and get the information you need to overcome any financial obstacles you face.

Things to consider
  • How will you pay for your child’s education? Identifying that potential cost helps you determine the level of savings it will require. Are you paying all the costs or are some being born by your child through their work or borrowing.
  •  How to get what you want without getting mired in debt? It’s easy to live beyond your means and that’s a hard problem to solve.
  • How do you protect what you have now and in the future? Do you have the means to withstand financial setbacks or do you need some form of insurance?
Common sense actions you can take
  • Top-up RESPs and other education savings plans to take advantage of Government Education Grant programs, while maximizing tax-savings.
  • Consider TFSA savings plans and In-trust-for accounts to defer taxes and shift the liability to lower income earners – your children.
  • Create a personal balance sheet itemizing your income and expenses and track your spending patterns for a couple of months. If you are like most people, you’ll find that there are discretionary expenditures that can be redirected into savings and investment plans.
  • Start reducing your debt obligations. Pay down a mortgage and hold the line on credit cards and other discretionary debts.
  • Get yourself a financial coach if you find it hard to develop a financial plan and stay with it. They’ll provide the knowledge you need and offer objective direction.
  • Review life and disability insurance plans and make sure they reflect the level of income and indebtedness you now have. If you have children, remember that education costs continue to increase and require considerable cash reserves to maintain if your income ceases

How can we help you?

  • We can help you determine the cost of educating your children and suggest savings plans to make it happen.
  • Explain investment and tax saving methods and help in the selection of the right products that suit your aims.
  • Act as a “coach” – someone in your corner that you can talk to openly and in confidence.
What financial products should you consider at this point?
  • RESP plans to save for your children’s education.
  • TFSA accounts to save money while minimizing your taxes.
  • RSP plans to build your retirement savings and defer taxes to a future time when your tax position may be reduced.
  • Equity investments found in Mutual funds or Segregated funds to increase the growth potential of your savings.

Securing your Family's Future

Following the advice of a trusted advisor is shown to be a significant factor in building wealth and achieving investment success. Our team can provide sound advice and a Personal Wealth Management Strategy™ to guide & assist you & your family at any stage of life.