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Only 39% of adults are confident in their ability to retire, which is down from 54% prior to the pandemic
All of this worry can be avoided by undertaking a thorough review of one’s overall situation via a financial plan which will map everything out including the potential risks. Then stress test the plan to see how it will impact your overall lifestyle under different scenarios. This will be incredibly helpful in the event there happens to be major change in one’s life including the death in the family, an illness causing disability, a divorce, or the loss of a job.
Review your will and estate
A proper financial plan will also flush out actionable steps such as ensuring your goals and objectives are properly reflected in your will. This couldn’t come at a more important time as we find it shocking that only 49 per cent of Canadians have a will in place, according to a 2018 the Angus Reid Institute poll.
There are also a number of different tax and insurance strategies that can be extremely helpful in helping you achieve your financial goals that can also be identified and explored coming out of the planning process.
Build out your team of trusted advisors
Finally, build out your trusted team of advisors as they will be a great resource when it comes to helping you navigate life’s challenges including this current one. Start by listing them out including those advising on your legal, accounting, tax and estate, and investments and then introduce them to each other so they not only all know who is on your team but can all start working together.
Getting organized, identifying areas of risk, and building a team of experts will provide tremendous comfort in dealing with life’s black swans and unexpected events.
Martin Pelletier, CFA, is a portfolio manager at Wellington-Altus Private Counsel Inc. (formerly TriVest Wealth Counsel Ltd.), a private client and institutional investment firm specializing in discretionary risk-managed portfolios, investment audit/oversight and advanced tax and estate planning.