If you are a prudent investor, then you have a financial retirement plan that will ensure you have sufficient funds for the lifestyle you envision after you stop working. What constitutes sufficient depends on your ambitions and your hobbies, and also on how long you live. People are living longer, and it's not unreasonable to think that you could live into your 90s.
Once again, it is that time of year when Canadians turn their attention to make their tax-deductible pension contributions to their RRSP. The word “pension” is used deliberately to emphasize that the whole point of RRSPs and other savings methods is to build savings over time to replace earned income with passive or pension income when retirement arrives.
Accounting firm BDO Canada1, found that only one-third of family-owned businesses survive the transition to second generation, with just a third of these getting to the next - a mere 1 in 10 chance of the business surviving for three generations. Often, the reason is insufficient planning.
As we age, it becomes more likely that we may lose track of our finances. It could be because of physical reasons (failing eyesight, shaky hands, etc.), mental reasons (memory loss, cognitive impairment, etc.), or a little of both. It is common for someone not to seek help because of pride or fear of losing their independence and family members (the most common support system) are sometimes reluctant to step in to help.
As a result, the following scenarios often occur:
That's right, we are excited to announce our new name, Carruthers Walker Financial!
2023 marks 30 years that Keith Carruthers and Jennifer Walker have been working together and what better way to celebrate this remarkable achievement than to rebrand with both our partners' names.
It's challenging to be patient in a fast-paced, immediate gratification world, but some things are worth the wait. Consider, for example, how a powerful financial reality (compound interest) can help investors accumulate a lot of assets over time to reward their patience and perseverance. Here's how it works:
Mutual funds are offered through Investia Financial Services Inc. The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete. The opinions expressed have not been approved by and are not those of Investia Financial Services Inc. This website is not deemed to be used as a solicitation in a jurisdiction where this Investia representative is not registered.
