Financial Planning Is An Ongoing Process

Financial Lifestages

Working With You At Every Stage Of Your Life

Financial planning is an ongoing process. It is not recommended to do it once and then never look at it again as life happens. You should periodically review and update your financial plan regularly to ensure that it stays relevant and reflects your current financial situation and goals.

Commonly financial goals will continue to evolve as your move through the different stages of your life. For example your financial outlook after completing school, compared to your career at age 50 likely will be very different. This is why it is important to consider talking with a Wealth advisor to help you stay aligned with your goals.

Starting Your Career

As you start your career there are many ways that a Financial Advisor can help with guiding you. Whether you want to pay off debts like student loans, credit cards or other debts, you will need a plan. Creating a budget that focuses on paying yourself first, and based on your financial goals can help you to save for a home, large purchases, and or start savings for your retirement. The experts at Accurata Wealth can help review your financial picture, benefits, and plans for the future.

Growing Families

Planning for or starting a family can be daunting and riddled with challenges. Financial Planners can help guide you onto the correct financial path based on your goals. Normally, individuals in growing families are between the ages of 30 and 44 who have started a new career or are in a well-paying position. To help better your financial picture, there are many items to consider at this stage, including: purchasing a home, general budgeting, paying off debts, saving for education, saving for retirement, establishing an emergency fund and or taking care of the “What-ifs” (Critical Illness, Disability and or Premature death)

Maturing Families

You are a middle-aged person at the peak of your career, and everything is going to plan. You just got promoted to a senior role, which comes with a handsome pay package and a wide range of benefits. Your children are either in college or employed and planning to start a family. This is the best time to devise an effective financial plan that will set you up for life. Since you are at your peak earning years, you should use the extra income to fast-track your mortgage payments. Some of the strategies to paying off your mortgage faster include making biweekly payments, paying an additional amount against the principal every month, every year, or re-writing or refinancing the mortgage if you can improve the terms and avoid undue penalties. These strategies will reduce the number of years it takes to clear your mortgage and the total amount of interest you pay to the lender.

Preparing For Retirement

Accureta Wealth Management believes that Canadians deserve to own homes, give their children the best education, save for a comfortable retirement, and enjoy a meaningful and vibrant lifestyle. However, taxation, increasing debt obligations, and financial insecurity can undermine this dream.

Whether you are currently employed or self-employed, you will need to make a retirement decision at some point. Retirement means that you stop all income-generating activities and rely on savings and passive income to sustain your lifestyle. That’s why it’s critical to have a solid retirement plan to ensure financial security when you stop working.

Life In Retirement

You have been very fortunate, and you are able to retire in relatively good shape. Although you no longer have employment income, the savings and registered retirement plans you built up while you did continue to grow even as you start taking income. The financial planning focus of building capital should now shift to managing your financial resources as you take the necessary income for retirement. Managing your expenses, including the taxes you pay, becomes of paramount importance.

For you to be financially comfortable in your retirement here are some of the items which need to be considered in this new chapter in your life.

Work with Professional Financial Advisors

Making a solid financial plan is a complex process that may require the assistance of financial planning and investment professionals. Accureta Wealth Management is a part of IA Private Wealth and helps clients plan their finances through smart tax minimization, investment, and retirement planning strategies. We go with our clients throughout the journey, enabling them to approach the future with confidence and financial security. Contact us to speak to our wealth management professionals.

833-292-3651 (Toll-Free) / 647-200-5204

info@accuretawealth.com

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1400-90 Burnhamthorpe Road West
Mississauga, ON, L5B 3C3

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