Ladies, Will You Run Out Of Money In Retirement?

By on October 22, 2014
Senior woman driving her motor home and using a GPS to navigate.

By Adrian Spitters and Win Wachsmann.
Fact: The average life expectancy for a woman in Canada is 81 years of age.

Fact: 50-60% of women will be single at some point in retirement as a result of divorce, widowhood or by choice.

Because you have been so busy over the years tending to the needs of your family, you probably haven’t taken much time to make plans to finance your golden years.

On average, women will live 19.8% of their life in retirement.

Will you be able to preserve and grow your savings and investments?

Will you be able to maintain your standard of living?

You have demonstrated over and over again your ability to deal with all the ups and downs of life.

You have been making important decisions for yourself and your family for many years. On your own and with the help of trusted professionals.

Now is the time for you to deliberately plan for YOUR life!

Starting your plan NOW will make for a better tomorrow.

The good news is that you are not alone.

Thousands of women across Canada have taken that first step toward financial independence.

Whether you are single or married, the reality is you won’t have to do it yourself – unless you want to.

In some cases you may not even know what or whom to ask.

We’re here to help.

Let’s start with a few basic questions:

1.      Do you have a non-government retirement plan? What will you receive on a monthly basis?

2.      What will you receive from Canada Pension? From the Old Age Supplement? Every month?

3.      How much have you stashed away in a Tax Free Savings Account or in your RRSP?

4.      If you are married and your spouse passes on, what will you receive from their various plans as the beneficiary? Go ahead. Ask. It is a difficult question, but you know you really don’t like surprises.

5.      Will you receive annuities or life insurance proceeds when your spouse dies?

6.      What about your home? Is it mortgage free? If not, do you have mortgage insurance? Giving up your home under duress is never pleasant. Make sure you are covered.

Total up all the numbers. Now calculate how long that money will last at your current rate of spending. Will it last? Will you need to cut down your spending?

List all your big expenses. What about estate or probate taxes and costs?

What about that unexpected expense? Medicines not covered by Pharmacare? Household repairs? Automotive repairs or replacement?

Another really important question is where do you have your money? In a bank? In a GIC? Tax Free Savings Account? With a stock broker?

Or have you placed it in a Managed Portfolio with a Wealth Advisor (one of those trusted professionals) whose role is to grow your money and defer/reduce taxes payable?

Their goal is to determine your goals, your independence, self-reliance, self-determination and suggest a portfolio structured so you can sleep at night, secure in knowing that your funds are safe, secure and growing.

A Managed Portfolio gives you control of your assets, but it looks after the day-to-day activities so you can focus on the more important things in life like being a grandma and spoiling your little darlings.

If you have seen your nest egg principal eroded because of losses or tapping into it for unexpected living expenses, a well-designed Managed Portfolio will allow you to reduce the capital erosion and maybe even see growth in the future.

A Wealth Advisor helps reduce the stress of all those money decisions.

Peace of mind. Right?

You are able to make all those important decisions based on choice – not circumstances!

Planning TODAY will make for a better tomorrow.

You deserve a great tomorrow.

Adrian Spitters, FCSI, CFP, FMA, is a Senior Wealth Advisor with Assante Capital Management Ltd.  He can be reached ataspitters@assante.com or visit his website at www.adrianspitters.ca

Win Wachsmann has been helping businesses improve their marketing and helping them get ready to sell their business. He doubles as an author, journalist, syndicated columnist, filmmaker and businessman who makes his home in the Fraser Valley of British Columbia. His articles and columns can be found in some of the finest offline and online magazines, journals and media properties.
He can be reached at 
win@wachsmanncommunications.com.

 

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