Rhonda's Financial Blog

By Rhonda Sherwood

Posted Under: Insurance and protection
Post Tags: insurance

At first glance, life insurance may be something that you may be thinking you could eliminate shortly after you change your status from “employee” to “retiree.” If you think of this financial product as something that only has value when you are young and working, you may need to take another look at it. You may find that it has a place in your financial plan after retirement after all.

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By Rhonda Sherwood

Posted Under: Retirement Planning
Post Tags: retirement, retirement planning, RRSP

When you are thinking about and planning for your retirement, what do you focus on most? Is it a big number, or do you think about how much it will cost to maintain your lifestyle in retirement? To make the numbers work for you in retirement, you need to create tax-efficient income, and you won’t be able to do that if you are stuck being intimidated by the price tag for what has the potential to be a very enjoyable time of your life.

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By Rhonda Sherwood

Posted Under: Tax Planning
Post Tags: taxes

Now that the 2012 tax season is finished and you have submitted your income tax return, are you happy the result? While we want to pay our fair share in taxes, no one wants to overpay the Tax Man. In some circumstances, it is possible to split your income and reduce your tax payable. Since taxes are on your mind, now the perfect time to look at some options you may want to consider to ease your tax burden in 2013.

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By Rhonda Sherwood

Posted Under: Retirement Planning
Post Tags: retirement, retirement planning

Retirement is supposed to be the Golden Years. People work and sock away a portion of their earnings for years so that they can relax and enjoy the fruits of their labor. As Canadians are enjoying longer, healthier lives, we can expect to live longer and better in retirement. Not everyone is looking forward to the day when they won’t have to go into work, though. Retirement is a major lifestyle change that brings its own kind of special stress with it.

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By Rhonda Sherwood

Posted Under: Retirement Planning
Post Tags: retirement planning

Many people, especially those who are living in cities where homes are expensive such as Vancouver, see their homes as an important asset. Owning a home is one of the most important purchases we make, but you don’t want to make the mistake of thinking of the place where you live in the same way as you would an investment property. Ideally, you wouldn’t want to have to tap into your home equity as a source of income in retirement right away; it would be kept as part of a backup plan in case something unexpected occurred.

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By Rhonda Sherwood

Posted Under: Adult kids and your money, Financial Planning
Post Tags: family, financial planning, loan

Most parents want to do the best they can for their children. Parents provide food, shelter, and the resources children need to grow up to be responsible adults. At some point, we assume that our children will leave the nest and strike out on their own. They will finish their education, establish their own families and we’ll have a quieter, emptier nest to deal with. For this generation, the reality has not been like that at all.

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By Rhonda Sherwood

Posted Under: Financial Planning, Retirement Planning
Post Tags: financial planning, retirement, retirement planning

At one time, Canadians assumed that they would be debt free before they entered retirement. According to a poll conducted by Harris Decima, that is no longer the case. More than half of retirees (59 percent), are starting this phase in their life with at least some debt, and 76 percent of non-retirees are carrying debt.

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By Rhonda Sherwood

Posted Under: Estate Planning
Post Tags: estate planning

While no one wants to dwell on a topic like their own death, it is one that needs to be discussed as part of your financial plan. How do you want your assets divided when you pass on? It’s a complicated issue, and one that you will need to consider carefully. The worst thing you can do is put off dealing with this issue because it makes you uncomfortable. Talk to your financial advisor, get some legal advice, and avoid these common mistakes that far too many people make when it comes to their estate plan.

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By Rhonda Sherwood

Posted Under: Financial Planning, Retirement Planning
Post Tags: financial planning, retirement, retirement planning

Ideally, the road to a secure retirement will start the day you and your spouse say, “I do.” However, for most people, retirement is not at the top of the list when they embark on married life. With sound financial planning and good communication, a couple can successfully navigate this major life change and enjoy their retirement for years to come.

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By Rhonda Sherwood

Posted Under: Retirement Planning
Post Tags: financial planning, retirement planning

I find most people prefer to retire before age 65 or before they are too old to enjoy their free time, but not a lot of people are preparing financially for it. If your goal is to retire as soon as you feasibly can, then you need to start planning to make it work financially. You may need to save more, spend less or take other steps to ensure you are on track with your goal. Here are the steps you need to take right now to get started:

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By Rhonda Sherwood

Posted Under: Estate Planning, Financial Planning, Retirement Planning
Post Tags: estate planning, financial planning, retirement planning

Last time we talked about the 5 questions you should be asking when pre-screening potential financial advisors to determine their ability to manage your family’s financial affairs. So now that you have a financial advisor, what questions should you ask to find out whether you on the right track to meeting your financial goals? Here are some suggestions to get you started.

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By Rhonda Sherwood

Posted Under: Estate Planning, Investing, Retirement Planning, Tax Planning
Post Tags: estate planning, financial planning, investing, retirement planning

How do you choose the right person to guide you in financial matters? Since the person you choose will be privy to some very personal information, you need to ask the right questions before you start a relationship with someone. Don’t hesitate to interview a prospective advisor and get a feel for that person’s style before making a choice. If you are already working with a financial advisor, it’s never too late to ask questions about your plan and why your advisor has recommended a certain investment.

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By Rhonda Sherwood

Posted Under: Financial Planning, Tax Planning
Post Tags: retirement planning, retirement savings, RRSP

Last time, we talked about the 5 RRSP pitfalls that can keep you from getting the maximum benefit from your savings. They aren’t the only ones you need to be concerned with when making decisions about how to plan for a secure future. Making a simple error now can have far-reaching consequences in years to come.

Contributing to your RRSP is just the first step. Find out how to avoid even more RRSP pitfalls and have more funds available to you in retirement.

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By Rhonda Sherwood

Posted Under: Tax Planning
Post Tags: retirement, RRSP, taxes

RRSPs can be a great savings vehicle to fund the retirement lifestyle you envision. However, there are pitfalls that have financial consequences that you want to avoid. When making choices about your investing for your retirement be aware of the 5 most common pitfalls:

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By Rhonda Sherwood

Posted Under: Estate Planning, Retirement Planning
Post Tags: retirement, retirement planning, RRSP, taxes

Registered Retirement Savings Plans (RRSPs) are an important part of your overall financial strategy. They allow you to invest funds that will grow on a tax-free basis until they are withdrawn. To get the most out of your RRSPs, you need to understand their features and benefits.

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