Are YOU Ready for YOUR Retirement?

  • Afraid of running out of money?
  • Confused as to where to start?
  • Feeling it might be too late?

In the last issue of Making Your Money Matter For Life, I discussed the first three steps of the FIVE Key Steps to Improve your Bottom Line, which are the following; Financial Plan, Manage DEBT and Family Discussions.

In this issue, I will address the final two important steps; Health and Longevity and Insurance.

4. Health and Longevity – Will you outlive your money?

senior man ready to go home from hospitalAs Canadians live longer, retirement gets longer and more expensive, meaning that a significant percentage of Canadians are in danger of outliving their next egg. Overall today’s seniors have a good chance to live until age 85.

The Canadian Heart and Stroke Foundation revealed in their 2013 Report on the Health of Canadians, “Heart attack, stroke and other chronic conditions will cause many Canadians to live their final decade in sickness, disability and immobility, putting further pressure on their retirement income and savings. That decade-long shortfall will appear in a future in which healthcare costs are expected to be higher and governments cannot be counted on to bridge the gap, putting further pressure on investment portfolios. The combination of volatility, low interest rates and living longer are putting significant headwinds into their ability to meet their goals.”

There are many types of Insurance products. Some may be purchased through an advisor, work or bank. Work and bank insurance have limitations with their coverage and as an independent advisor I will address the advantages to purchasing through us.

5. Insurance – Longevity – We can provide many solutions.

We offer a wide range of coverages from Life and Mortgage Insurance to Critical and Disability Insurance.

Insurance policy - approved
Insurance policy – approved

To go over their values would take a number of seminars, suffice to say by having life insurance in place, you have the opportunity to provide tax protection on your investments; the coverage by-passes probate and the beneficiary has the choice as to how to use the funds e.g. payout the mortgage, repair the home, provide for their retirement etc.

In addition, permanent insurance can be used as an effective tax-free savings vehicle and provide potential future income. Plus, life insurance for people who have been found terminally ill and with less than an year or two to live, may apply to receive funding, according to their policy, to be used as they see fit. There are no restrictions upon its use whether it’s for a family vacation or to fly to another country for a second doctor’s opinion or treatment.

Important to note, we do offer a very affordable Non-medical Life Insurance plan. Nowadays, there should be no need to raise funds to cover funeral expenses.

There is a huge need for advice on how to effectively use various kinds of financial assets, including equities, fixed-income, insurance products and pensions to create a cohesive retirement plan. Willing Wisdom Complimentary Book

If you have any questions about what you have read, call me at 905-206-9387.

In closing, I would like to wish you and your family a very lovely Christmas, and health, prosperity and happiness in 2016.


Margaret Janecki, EPC