This Class is about Your Cheque!!!
With the U.S election over – what will this mean to future and current retirees (whether you spend time in Canada or the United States)?
What were some of the possible reasons that the American voters overwhelmingly switched to the Republican agenda? Was it:
× War?
× Immigration?
× Abortion?
× Higher Interest Rates?
× Lower Incomes?
× Social Issues?
× Other Factors?
The political experts continue to analyze what happened and one of the biggest reasons why this election supported the Republicans is about the cheque: the average citizen – whether American or Canadian – are most concerned about their income and the rising cost of groceries, gasoline, taxes, mortgages and rentals.
Speaking of the cheque – what about YOUR cheque?
This is an opportune time for Canadians and Americans to readdress their old and new strategies in retirement. Our current retirees are being encouraged to readdress:
✓ your monthly budgets
✓ your health costs
✓ living costs (individual, spouse, family)
✓ emergency cash wedges – by capturing profit
✓ credit card debt (with profits from Tax-Free Savings Account/TFSA)
All of these strategies can be done manually or by our computer illustrations.
Whichever is easiest for you to see your numbers. Call us (204) 774-9529 or schedule a time that’s best for you online here: calendly.com/tedirvine
The “Trump Bump”
Students: your homework for pre-retirement and retirement is to re-do or confirm your monthly budget 1-to-3-year plan. What will happen in the stock market? Who knows, but I have enclosed an article that you might find interesting. Please read. It is called the “Trump Bump” similar to 2016.
How are our retirees currently taking part in this possible “Trump Bump”? By reviewing their current budget and reducing/eliminating debt ie. by using profit from a lump sum investment.
You may recall when we chatted about Tax-Free Savings Account (TFSA) (here’s a link to that class as a refresher). Some are currently taking profit from a TFSA – Because… it is tax-free! They are using these TFSA profits for a cash wedge, emergency fund or to pay down debt. Because of inflation, they are able to use profit to supplement their monthly budget tax-free. Others are gifting the profit to their family tax-free.
Did we mention this strategy allows access to money tax-free?!
If clients do not have excess money but want to participate in potential growth, they are using what’s called a dollar-cost averaging and buying every month into their TFSAs – It is a smart way to save “future money”.
