Rising inflation rates have left many Canadians feeling anxious about their financial well-being. Reviewing your plan with an advisor and making adjustments to improve your financial performance will give you more confidence in your financial wellness and ensure you are on track to meet your goals. Let’s get started.
Financial Check Up
A good place to start is to check in on your current financial status, reassess your budget to reflect your new routine and make sure your immediate goals are met. You’ll also want to make sure you have enough emergency cash on hand to cover you for six to nine months of living expenses. If you are coming up short, focus on finding a solution that achieves your short-term objectives.
A financial advisor will help you develop a short and long-term budget and action plan. Knowing what you are saving for and how you’re going to do it will give you focus and peace of mind.
Your Current Retirement Plan
Your next focus can be building your savings for your current retirement plan. Look at your budget and get a good understanding of how much it will take for you to live exactly as you are today when you retire.
It’s also good to understand how your tax situation will change when you retire to avoid the surprise of additional or unnecessary tax. Expert financial advice will help you manage your finances today to achieve your financial goals in the future.
If your retirement plan is on track, why not see if there are more goals you can achieve prior to financial freedom? Think about your list of “things to do before I turn 60.” If you’ve always wanted to travel to Europe or buy a sailboat, you might want to establish a plan for making it happen in the near future while you are still earning income. Focus on one goal at a time. Your progress will be faster which will keep you motivated.
There are many financial goals and needs to consider, from taking a closer look at retirement, to make sure you are doing the things in life that you planned to. You may also want to look at whether your estate plans and insurance coverage are in order.
Innovation Wealth can help
Consulting a wealth professional to develop or update your financial plan will give you peace of mind and more control over your finances, both your short-term and long-term goals. Contact an Innovation Wealth advisor today to review your financial goals. We can help.