Financial Planning....The art of living successfully consists of being able to hold two opposite ideas in tension at the same time:First, to make long term plans as if we were going to live forever; ANDSecond, to conduct ourselves daily as if we were going to die tomorrow.
Financial Planning Process
A financial plan is your roadmap to financial success. As the Chinese proverb says, if you don't know where you are going, any road will take you there. A financial plan begins with an inventory of your resources, set goals and objectives and develops strategies to achieve those goals. Proper portfolio and product selection followed by regular reviews complete the process.
Financial Planning Time Horizons
There are three major stages to financial planning - creating and accumulating wealth during your working years, conserving it for your retirement years, and then distributing it to your heirs and estate.
Investment Assessment / Planning
A financial plan is your roadmap to financial success. It begins with an inventory of your resources, sets goals and objectives, and develops strategies to achieve those goals. Proper portfolio and product selection followed by regular reviews complete the process.
Retirement Planning
Planning for a financially secure retirement is one of the most important challenges facing Canadians. Many do not belong to pension plans and the future of government plans like Old Age Security and the Canada Pension Plan are clouded with uncertainty. An increase in early retirements coupled with longer lifespans means retirements are lasting longer that they used to. The importance of taking responsibility for funding your retirement and relying less on governments has never been greater.
Retirement Income Sources
The three main sources of income to support your lifestyle during retirement are Pension Plans, Personal investments, and Government programs.
Estate Planning
If you die without a valid will, each province has rules that decide who in your family gets what from your estate. Your assets may be distributed to those beneficiaries you want excluded from your estate and not to those you want included. Preparing a valid will lets you and your family, rather than the courts decide who will look after your estate.
Tax Savings Concepts
Minimize the amount of tax you pay by using concepts such as income splitting, tax shelters, deferring taxes, generating tax favoured income, receiving tax free income and claiming the right tax deductions.
For more information on Retirement Planning, Estate Planning Life Insurance and Investment Advice, visit the website of Seguin & Associates Financial Services (http://www.seguin-associates.com/), and click on "Education"