We learned about new realities, which include how we are living longer and need to save money for retirement since we will most likely out live our money.
People tend to fail with their retirement money because:
- Lack of a plan
- Taxes
- Procrastination
- Investor behaviour
We learned how to build a portfolio, dollar cost averaging (investing on a regular basis and how when it's cheaper you buy more), and how to stop tipping the tax man.
We also learned about RSP loans and RRSP (which grows tax sheltered and subtracts from annual income. For example, if you earn 50,000 and contribute 10,000 then you only claim 40,000 on your tax refund (save 31%). We also learned how TFSA are not saving accounts and how there is no tax reduction, but when you take money out it is tax free.
We also talked about Insurance:
1.) Life Altering Illness
- Critical Illness Insurance covers 22 illnesses
- One time tax free lump sum of $50,000
- Premiums are paid back to you if you don't get an illness ($40-50 a month)
- Highest claims are from 20-30 year old women with breast cancer
2.) Mortgage Insurance
- If something happens to you
- Protection from them
3.) Term Life Insurance
- Protection for you
- Cheaper, same premium, coverage stays the same
- Beneficiary will receive money too
- Explore your options
Contact
Adam Plaxton
416-695-8600
295 The West Mall Suite 700, Etobicoke, ON M9C 4Z4
adam.plaxton@investorsgroup.com
Rachelle Allen
416-860-1668 ext. 227
145 King Street West, Suite 2800, Toronto, ON M5H 1J8
rachelle.allen@investorsgroup.com
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