Securing the Big Picture in 2017

1 Feb    DWM Blogs

Written January 2017 by Marie DeLauretis

As we settle into a New Year, no doubt you are planning your 2017 year. For certain, you will be concentrating on your current financial situation as “Tax Time” looms ahead. Therefore, I want to remind you to revisit your financial goals in life during this time of contemplation.

Seven common goals in your life may be:

  • To establish intentional, goal-specific savings accounts, for example, an emergency fund savings account, or an account for vacations or a vehicle purchase.
  • To establish a solid protection plan for you and your family in the case of life’s terrible D’s: Death, Disability & illness, and Divorce. This can be accomplished through the attainment of insurance and properly established Estate documents and family contracts.
  • The funding of a long, comfortable, and totally worry-free retirement, with no compromise in lifestyle and no real concern about ever running out of money.
  • The ability to assist or provide a meaningful impact in the financial lives of your children/grandchildren, either during your lifetime or as legacies to them.
  • The ability to fund, in whole or large part, the education of your children/grandchildren, and the daily living costs and care for those with special needs.
  • The capability to provide quality care for your parents in their later years.
  • The ability to make a meaningful legacy to a much-loved charity, religious organization, school, or other institution.

Do any of these financial goals reflect your plans for the future? Also, think about translating your financial goals into a workable financial plan. In short, a financial plan is the big picture serving as your road map to lifelong financial security. By having a plan in place and taking action today you can achieve your goals for tomorrow. Contact your financial Advisor soon!

I mentioned “Tax Time” to remind you of some important 2016/2017 Tax Deadlines:

  • Wednesday, March 1, 2017 – RRSP Deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the 2016 tax filing year.
  • Wednesday, May 1, 2017 – Tax Deadline for personal income tax filing for the 2016 tax year. Note: Payments to CRA of your balance owing for 2016 personal income tax are due Wednesday, May 1, 2017 for all personal income tax filers including self-employed.

Lastly, I would like to emphasize that it is very important to have annual investment review meetings with your financial advisor to discuss your investments. This allows you to determine if any changes are necessary and update your file if needed for compliance purposes.