A recently released Angus Reid study on Retirement in Canada found that "financial worries loom large" for retired Canadians (48%) but especially for those still working (74%).
If you are worried, then you need to do a Wealth Forecast.
A Wealth Forecast will help you determine whether you will have enough money in retirement (and, if you wish, what money you may have left to pass on to family, charity, etc.).
A Wealth Forecast will assist you in planning your financial future. It will project, for you, how your financial lives will unfold and determine, long in advance, what your retirement will look like.
If you don't like how it appears, you can make adjustments (now) in order to be able to enhance your life in retirement.
This is truly a worthy exercise to give you peace of mind when it comes to planning how you want your future to unfold and allows you to develop a strategy now to ensure that you meet your goals.
Of course the world we all live in is dynamic and there are always many moving and changing parts. So a Wealth Forecast has to have flexibility and needs to be monitored and updated regularly.
It is also important to have an expert providing you with the guidance needed to put this all together.
Importantly, a Wealth Forecast should not be a tool for the sale of a product (mutual funds or insurance) it should incorporated into your long-term wealth management process.
Being anxious about having enough money in retirement does not have to be an ongoing part of your life . I have never seen anyone walk away from a Wealth Forecast not feeling better, having been given a glimpse of their future with a tool that puts them in the proverbial drivers seat.
It is, in fact, a great sense of relief.
Scott Tomenson,CIM Managing Partner, Chief Investment Strategist