Creating a Sound Financial Plan for Retirement: Protecting Yourself and Your Loved Ones

When it comes to protecting yourself and your loved ones from financial ruin, it’s important to have a sound plan in place. For younger folks who don’t know much about investing, the strategy is typically low MER index funds. But for retirees, the safe but economically sound strategy is generally 70% or less in equities. If you are with EJ, then you should take a look at your portfolio and see what fees you are paying. There may be other options like robo advisors or independent CFPs that can help you create a plan that works for your needs.


It’s also important to track investments over time so that allocations can adjust with the market. You can do this easily with Excel and even Google Finance has features like watch lists and portfolios where you can add details of trades or view daily gains/losses and total gain/losses - all for free! However, it’s important to keep into account human perception of losses versus gains; losses will hurt more than gains of equal size so tracking investments could be uncomfortable if not done carefully.

When considering purchasing real estate as an asset diversification option, there are several factors to consider such as closing costs, city utilities, insurance rates, mortgage rate principal/interest amounts (remember rent is treated as income), age of building etc.. To generate regular income without becoming a landlord one should consider putting money into real estate ETFs which will be better diversified than a single property in a senior community.

When saving short-term funds (ie: needed for house purchases) one should invest in high interest savings accounts rather than non-redeemable GICs which lock up money for long periods of time; here is an example list: Investing money into wife’s RRSP is also beneficial since she would get refund on her contributions plus she will make more return on her investments - both preserving capital while making some profit off of it!

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