June 2021 Since the pandemic, conversations with my clients, family and friends have certainly changed, with far more discussions revolving around:
The importance of having an emergency fund of 3 to 6 months living expenses. This has helped many stay away from debt or having had to make poor decisions under pressure.
Concerns with how job and business losses, and/or reduced income, is going to impact their retirement plans. Will they need to work longer, reduce retirement expectations, or continue to work part time?
How best to help adult children without jeopardizing their own financial plans, including children coming back home so they can’t downsize and take equity out to generate income needed in retirement
Spending less and saving more, and how best to use surplus cash.
Accepting that they may need to take on more risk (or different risk) to achieve better returns than possible with low interest bank products
Ensuring wills, powers of attorney and representation agreements are in place and current
Reviewing beneficiary designations on RSPs/RIFs, TFSAs. Pensions, insurance policies and segregated funds
Checking life insurance policies and their current needs, and in some cases applying for additional protection for loved ones
Getting personalized advice from a trusted professional has become more important than ever.
