Tough financial choices?
When life puts a pinch on your finances it’s hard to decide what to do. If you and your family are faced with tough financial choices turn to your advisor for help navigating your wealth worries.
Temporarily laid off
Many people have found themselves temporarily out of work lately. While different levels of government have stepped in to help, you may need your advisor’s assistance to decide how best to access money on a short-term basis. Perhaps you have an insurance policy with cash you can access in such a time. Or maybe you’ll have to dip into your investment accounts. But which one? Your advisor can look at the tax consequences of each option and decide what is best for your situation. If it comes to selling investments, your investment team can also give you tips on what might be best to sell during a period of market volatility.
Taking care of a loved one
The pandemic has highlighted issues in our long-term care residences. If you have a parent in long-term care maybe you are considering becoming their care person permanently. Can your family afford to lose your income? Your advisor can update your financial plan to see how this would affect your retirement plans. In the meantime, you may want to create a care plan with the elder in your life.
Supporting university kids
The summer months are historically a time when university kids can work full-time to contribute to their schooling costs. With key student employers closed for what could be many more weeks, can you afford to contribute more than expected to tuition and boarding?
If you have a family RESP you can share government grants between siblings, as long as you stay within the maximum payout of $7,200 per child. Maybe you can dip deeper into your RESP for one of your kids this year and make up the difference sometime down the line for a younger child. Your advisor can walk you through the intricacies of your RESP.
Another option is to explore some available money avenues that could help ease the financial burden. “Students, there’s help for you too during COVID-19. Here’s how to access it”
Retiring earlier than expected
Perhaps the general slowing down of life during this period has made you realize that you would like to retire sooner than originally planned. Even from afar your advisor can provide you with different retirement planning scenarios to see how your new retirement plans can be incorporated into your family’s overall wealth plan.
No matter what tough financial choices you are faced with during this period, know that your team here at Watermark Stone Wealth is here. Give us a call and we’ll walk you through your options and come up with a solution to your unique wealth worries. Remember, we’re all in this together.
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