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Having a sound financial plan in place is more important now than ever. If you’ve already started saving or investing a set percentage of your gross income each month, continue the habit! If you don’t already “pay yourself first”, start now. This will give you a disciplined approach to investing and allow you to take advantage of strategies like dollar cost averaging. It also gives your money time to compound and grow. Try to maximize your RRSP contribution each year. If you aren’t able to do this, you might want to consider an RRSP loan to make up for any shortfall. It’s a good idea to keep retirement savings as equal as possible between you and your spouse. If one of you makes considerably more money, a spousal RRSP is an excellent way to make your incomes more equal at retirement and minimize taxes later in life. If you’re thinking about buying a house, you’ll want to think about mortgage or creditor insurance. Banks offer very limited coverage and may not cover your mortgage if you develop a critical illness or experience a loss of income. There are other products available to you. Ask us about them! And don’t worry if you’ve been putting all of your money into RRSPs and don’t have enough for a downpayment. Under the Home Ownership Savings Plan, first-time home-buyers can withdraw up to $20,000 from their RRSP without tax penalties to use towards their downpayment. If you already have insurance, you may want to re-examine your current coverage to ensure it is sufficient and to take advantage of a policy combining life insurance coverage and investments. Trilogy, the Empire Life Universal Life insurance, combines flexible life insurance coverage, industry-leading investments, and optional critical illness insurance. A knowledgeable independent advisor can help you make sense out of your options and plan for the future!
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® Registered trademark of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company. © 2001 . Empire Life. |
