Insurance surrounds each of us every day: When you get in your car, when you come home to your residence, and while you work. Insurance is always in the background discreetly doing its job. Most of us, however, do not think about it much or realize the very important function that all types of insurance provide. In fact, the role of insurance is so important that it is the focal point of a wise financial strategy.
July of 2024 was one very hot month here in Calgary. It was also hot up in Gull Lake, Alberta where my mom lives, and it was hot in Montana when my sister and I did a road trip down to Missoula and Butte at the end of last month. It was a busy month between the Calgary Stampede, lots of client meetings and the brother-sister road trip we got in! This year's Stampede was the highest attended of all-time, so a great success for the city1. The heat may have made it a bit uncomfortable, but obviously not enough to keep people away!
As John nears retirement, he is becoming concerned about covering his future living costs with income from only interest-bearing investments. Along with many other investors globally who have poured trillions of dollars into government bonds over the past decade, John wants to feel safe and have his money guaranteed. But the price of safety in a low interest rate world is higher than you may realize.
History tells us about half of marriages in Canada end in divorce. Andrew and Sara are about to end theirs and are concerned about the changes that will have to be made to their financial and estate plans. Some financial and estate issues they need to consider are:
I won't have to tell anyone who lives in Calgary that we had to curb our water usage quite dramatically this June. A massive feeder pipe needed to be repaired which left Calgary, Airdrie, Chestermere and Strathmore in a real predicament. As I write this, we are almost back to normal and hopefully, we are all the way back by the time you read it! Natalie and I decided to leave for Saskatoon for the last week of June. We had planned to get there in July but with the water issues in the Calgary area, we decided we'd head East earlier in the summer.
By far one of the most crucial financial strategy steps is accurately estimating retirement expenses. Correctly accounting for retirement living expenses is critical to ensuring that retirees do not outlive their money. For those already retired, there are usually few good options for creating new income sources later in life.
Getting retirement spending projections correct is both an art and a science. To deal effectively in planning for future retirement needs, a financial professional can help determine the best course of action.