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Life Insurance Vancouver | False Beliefs Around Retirement
Thomas Chan is the financial advisor you need when You are not sure what kind of life insurance Vancouver plan works for you. He can help clarify what you need to be ready for retirement as well as build your wealth. When it comes to life insurance Vancouver there are ways to help Protect your income and your wealth. Taxes are the number one biggest expense for families since the 1960s. Thomas Chan helps you protect yourself and your money from these taxes through life insurance Vancouver products.
Knowing your money will outlive you can give you peace of mind for future generations to be taken care of. But there are some things you need to keep in mind when planning for retirement and growing your wealth. First of all, now is always the right time to start saving for retirement. You should never put it off and even if you have a little bit to set aside every month you can start seeing the compound effect grow your money.
If you think that your government will be able to support you in your retirement you be wrong and it will be too late to make the changes you need at that time. CPP and OAS are not enough to sustain the lifestyle you are used to and should always supplement with insurance products, tax-free savings accounts and RRSPs.
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If you plan on working into retirement as your retirement plan you need to plan again. By the time you get to that stage you will not be as physically able to stay in the workforce. You may actually have health concerns that pop up that you never had before and you will have to attend to those. You also will have to get used to more technology changes in the work industry and that may be too much to overcome at that age.
Thinking that your spouse can take care of you might be too much to ask especially if they cannot stay in the workforce. The income levels are usually imbalanced between the spouses and it is not always clear who will be able to retire first so it is not something you should count on. Life insurance is the better option for this. The other thing to remember is that the divorce rate is 40% and you may not even be married to your spouse by the time it is retirement time.
Thinking that your children will take care of you is a risky option for retirement because they will have financial strain of their own. They have their own kids to raise and financial futures to plan for.
You may think that you do not need that much money when you retire because you will reduce your expenses but that is a foolish way to think as well. Things like inflation, increased tax rates and unexpected healthcare costs will all play a factor in how much you need at retirement. Also keep in mind that 82 is the average life expectancy.
Life Insurance Vancouver | Start Saving Now
Thomas Chan is the financial advisor that helps you with all your life insurance Vancouver needs. He is very knowledgeable about how to protect your wealth and your future from high taxes by using life insurance Vancouver products. He helps you have a better mindset and therefore a better life. He knows that taxes are the single biggest expense to families since the 1960s and is quite willing to share the secrets the taxman does not want you to know. He is your trusted advisor for wealth building, retirement planning and life insurance Vancouver plans.
Some things to consider when thinking about retirement are starting immediately to save your money. There will always be excuses of why you have to wait but even if you can sock away a little bit right now each month with the compound interest effect it can start making you money immediately.
You may plan on working as your retirement plan but thought is planning to be poor. First of all technology is changing all the time and it is across the board even in the work industry. You may have noticed that a lot of companies are adding an online portion to their business and that is the way of the future. It may be too hard to learn this in every industry and that could make you obsolete in the workforce. Also you may not be able to work as much because of health etc.
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Thinking that your spouse will take care of you at retirement is also poor planning. Your spouse may make more than you but they might need to retire before you. This will be detrimental to you both because you will have less to live on than you initially believed. The divorce rate is also really high and statistics show that you might not even be married to your spouse by the time you retire. It is time to have open communication on this topic with your spouse.
Relying on your children to take care of you as a retirement plan is also poor planning. They will likely have financial strain and struggle of their own. On top of this they would likely have a young family and need to start saving for their retirement. You cannot expect to rely on them for your retirement needs. This is why you need to start now and not wait another day for your retirement plan.
You might think you do not need that much money when you retire but you need to think again. You do not want to plant before you want to make sure you have all of the information you need before you get to retirement age. Things like inflation, increased taxes and unexpected healthcare costs all come into play in your retirement plan. 82 is the Average life expectancy. You will need to plan for this age and longer in case you need it.