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Life Insurance Vancouver | When Should I Save For Retirement
Thomas Chan is the financial service advisor you will want to have in your corner when you are deciding on what life insurance Vancouver products you need. He helps you get a better mindset and a better life. Because he knows that taxes are the single basic biggest expense to families since the 60s he helps you to use life insurance Vancouver to protect yourself and your money from those taxes. The future generations will be taken care of as you choose which life insurance Vancouver product you need.
When it comes to saving for retirement there are many myths that people hold that inhibit them from being ready for that stage of their life. The good news is Thomas Chan is a trusted advisor for wealth, retirement, and insurance in Canada. He helps uncover the myths and give you the truth on what it takes to retire with abundance and vitality.
One belief that people hold is that they will plan on working for a long time. The problem with this thinking is that there are always changes that come in life and you cannot always be prepared for that. Technology has changed and it is changing the work industry for many people. You may not be able to work as much as you would like to as you age. You could have health issues or changes in the workforce and job structure. All of these things inhibit you from working as long as you plan to.
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Another thing that people believe is that their spouse will take care of them. They think that the breadwinner, the one who has the higher income will always have that income coming in. This is risky to put all your eggs in this basket. The income levels are likely unbalanced between the two spouses. And one spouse may retire or be unable to work causing you to have a lower income level. Another thing to keep in mind is that because the divorce rate is over 40% you cannot assume that your relationship will still be intact by the time you retire or want to retire.
If you are planning to have your children take care of you in retirement this is probably the most risky way to think about retirement. Your children will likely have their own financial struggle and will be unable to meet your needs as well as their own.
If you think you do not need that much money when you retire then you could be falling into the trap of poor planning for retirement. You have to plan to not be poor. This means planning for more than you need because there are things like inflation and taxes and unexpected healthcare costs that pop up. In this day and age 82 is the average life expectancy. It is important to keep this in mind when deciding how much you need in your retirement fund. You will want to plan for any of these scenarios.
Life Insurance Vancouver | Do Not Plan To Be Poor
Thomas Chan is your trusted advisor when it comes to life insurance Vancouver. He knows all the ins and outs of the insurance in Canada products and services. He can help you decide what kind of life insurance Vancouver woods best suit your needs. He is very knowledgeable on how to use life insurance Vancouver to protect yourself and your money from taxes. The reason he is so passionate about this is that he knows taxes are the single biggest expense to families since the 1960s. He wants to help you and future generations to be taken care of.
Your money will outlive you if you plan for a vibrant and abundant retirement. Thomas can help you come up with a plan that will protect your income and wealth but also grow it. Future generations will be well taken care of and you can rest assured that your money is working for you.
One of the first things to do is to uncover the truth about saving for retirement. A lot of people think that they will just continue to work well into their old age. They do not think about the retirement fund and instead think about staying in the workforce. This is risky because there are so many changes that happen in different industries but you cannot be sure you will stay with the changing times.
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Technology is always changing and the work industry and as you age it gets harder and harder to learn new and advanced ways to do things. You may not be able to work as much either because of your health and just the speed at which you do things.
If you plan to retire by having your spouse take care of you you may want to rethink this scenario as well. The income levels between couples are not necessarily balanced. If you are counting on the income staying the same yet the spouse who makes more all of a sudden cannot work then you will be left with less to retire on. The divorce rate is also 40% so that is also something to take into consideration because you may not even be together by the time retirement age comes. This is a sad statistic but it is a true one.
If you have the thought that your children will take care of you in your retirement you definitely need to rethink this plan. Your children will likely have their own financial struggle and may not be able to help you with this phase of your life.
Thinking that you do not need that much money when you retire is another way of planning to be poor. Clearly you should think about having extra money when you retire rather than having to scale back. Things like inflation and taxes and unexpected healthcare costs can start adding up very quickly and make it less than desirable when retiring.