Plan For Financial Independence, Not Retirement
Declaring your Financial Independence Day is a better idea than trying to come up with “the number” you need to retire, especially if you’re in your 50s or 60s and don’t have much time to pump up your savings.
What exactly is financial independence or, as some call it, financial freedom? That depends on your own definition. And starting to save early for your financial independence is always the best strategy.
Segregated Fund Investments
Segregated funds are an excellent vehicle to use to save for your financial independence whether it is a RRSP,RESP, TFSA or non-registered investments. Segregated Funds are an insurance product and differ from mutual funds. They offer protection at death, potential protection from creditors, protection at maturity, and estate planning and offer access to diversified investment portfolios.
Many Canadians have pension plans however that number is decreasing rapidly. Another opportunity for those who don’t is a guaranteed withdrawal benefit plan (GMWB).
When you invest in GMWB, you are guaranteed to receive a predictable annual income, starting as early as age 55 (depending on your plan). This guaranteed retirement income will continue for as long as you live. It is always protected from market downturns and it will continue even if the value of your investment goes to zero.
Health and Dental Insurance
Many of us don’t have a company health and dental plan and need a simple, affordable way to fill the growing gaps in your government health insurance plan, and to protect your family from the rising cost of both unexpected and routine health-related services.
Your own health care plan can be flexible and affordable. Looking for health insurance to cover prescription drugs, dental care, extended health care or a combination of all three? There are a variety of plans to choose from, each offering varying levels of protection.
Don’t leave home without it!
Travel insurance for travelling Canadians gives you a simple, affordable way to protect yourself against the cost of unexpected medical expenses and more, when travelling outside your home province or outside of Canada. Also is available for travelling students!
Business Group Benefits and Business Income Protection
If you are a business owner, you know the cost that comes with illness or injury to you or your employees. Offering a group benefit plan can be a very cost efficient way to keep your employees and your family members healthy and happy! And being a business owner allows for certain type of health and dental plans not available to individuals such as a person health spending account. Even if you are a sole proprietor or incorporated, there may be plan available to you and your employees and family members.