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We have all heard of FOMO – the fear of missing out. But from a financial planning point of view there is an even more pressing fear that runs rampant with all generations, and in organizations that fund retirements these days. At Knowledge Bureau we call it "FROM: the Fear of Running Out of Money."
Sound retirement savings strategies typically involve investing in various non-registered investments such as Mutual Funds and ETFs and registered plans like RRSPs, PRPPs and RPPs. The options can be overwhelming for those looking to diversify their retirement savings. A simple fact sheet can help guide you through complicated financial conversations.
A recent survey by 2019 DAC Sponsor Franklin Templeton shows* that 21% of young boomers (age 55 to 64) have not set anything aside for their retirement while 46% are considering a delayed retirement. Many of these issues are caused by having to support an aging parent as well as older children leaving no funds to save for retirement. To outline the key issues, here’s a case study with Raymond’s story.
Are you a Gen Xer, or do you have clients who are? Did you know that 28% of this demographic (ages 37 to 52) has not saved anything for their retirement? This, according to a recent survey by DAC Sponsor Franklin Templeton*. The following case study explores Helga and Michael’s story and highlights the important role of seeking the right tax and financial advice, sooner rather than later.
A U.S. study has found that 58% of millennials are actively saving for retirement.* That’s impressive and important because in Canada, Statistics Canada tells us that 42% of senior families are in debt, with 14% still holding mortgages, and those with consumer debt standing at 37%.* Millennials have a few important defensive tools at their disposal to help them prepare for a financially healthy retirement . One of them is to manage mortgage debt with retirement savings through new features in an RRSP under the Home Buyers Plan (HBP).
If you want to help your clients avoid FROM – fear of running out of money – you’ll want to hear dynamic, best-selling author of Master Your Retirement, Doug Nelson B.Comm. (hons), CFP, CIM, MFA™, RWM™ at the November CE Summits. Doug’s sessions are focused on the timely retirement planning issues that impact the work advisors do today in helping investors prepare for a more certain future.