Life Insurance Vancouver | Myths About Retirement Needs
Thomas Chan is the financial advisor that can help you protect your money through the use of life insurance Vancouver plans. He is known for building wealth, saving for retirement and setting up comprehensive life insurance Vancouver plans. He knows that the biggest expense family space since the 1960s is the tax expense. This is why he helps you protect your money so that future generations will be taken care of.
He knows how to use life insurance Vancouver to protect you and your money from taxes but also to grow it. He will show you what you need to do to have a vibrant and abundant retirement but also leave a nice nest egg for your kids to enjoy. This gives peace of mind when you know that your money will outlive you.
Some of the common misunderstandings people have about retirement and well are seen across the board by many different walks of life and people. Many people believe that they do not need to start now to save for retirement. There will always be excuses why it is not the right time but anybody and everybody should start immediately. Even a little bit every month starts adding up to a lot when you take into consideration the compound effect.
Our government will not be able to support us in our old age and retirement. If you have ever spoken to someone who collects old age security or CPP you will know that this is true. It is not enough to sustain you in that part of your life and should only be used as a top up to what you already have saved up. You would likely want to consider a tax-free savings account or an RRSP.
You cannot rely on your children to take care of you because they will probably have financial struggles of their own they need to take care of. Not only that, they likely have a young family and need to start planning for their own retirement.
You might think you do not need that much money when it comes to retirement but you will be planning to be poor if you think this way. Between inflation, rising taxes and unexpected healthcare costs you need to consider putting extra money aside. The other thing to remember is that the life expectancy average age is 82. You will want to make sure you have enough until that age and beyond.
You might think that you can keep working as your retirement plan. This is not a foolproof plan either because technology is always changing and you might not fit into the workforce like you think you will. You may also not be able to work as much as you want or even at all due to health reasons.
If you think you can pull the equity out on your home as a retirement plan you may be left with less than you need upon retirement. The housing market is not going to always go up as it has in the past and this could be a problem when you pull your money out.
Life Insurance Vancouver | Retirement Takes Planning
Thomas Chan is the financial advisor that you can trust to help protect yourself and your money to the use of life insurance Vancouver products. He knows that taxes are the single biggest expense for young families since the 1960s. This is why he has a plan to use life insurance Vancouver to protect your money from those taxes. Future generations will be well taken care of when you follow the advice of Thomas Chan. He wants to help protect your income and your wealth and grow it. One of the products he uses to do this is life insurance Vancouver.
There are some common myths that people believe around retirement. First of all they do not think that they need to save for retirement right now. They feel that they can just put it off for a little while while they get all the other expenses out-of-the-way. The problem with this is that there will always be other expenses and never a perfect time to start saving. Even if you can put away a little every month you will be doing better than never having saved and all. The compound effect that grows your money can really work to your advantage when you start younger.
You might rely on your government to pay you in your retirement but if you have ever spoken to someone who receives these benefits you will know it is not enough to survive on and it should not be relied on at all. CPP and OAS are only a portion of what you will need upon retirement; you will need to top up with a tax-free savings account or an RRSP.
Pulling the equity out of your home can leave you in a risky situation because the market does not go up at the same rate that it always has. When you need to pull it out you may not have as much to pull out and therefore your retirement funds will be insufficient.
Thinking that you can just keep on working to have a retirement option is also risking a lot. Technology is always changing and the work industry is changing with it. You may not be able to keep up with this technology in your job and it may be harder and harder for you to stay at work. Another thing to consider is that you may not be able to work as much because of health.
Expecting your children to take care of you and your retirement is asking too much of them. Retirement is not cheap due to inflation and rising taxes and unexpected healthcare costs. To put that expectancy on your children will cause financial strain for them and their family and future. They have their own needs they have to meet such as raising a young family or planning for retirement.