Your life is ever-evolving and multi-faceted, and so are your goals. Wiegers Financial & Benefits offers a holistic approach to financial planning to ensure that no matter how your circumstances and goals change and no matter how complex they become, we cover all of the bases. As we all know, life can change in an instant, leaving our best-laid plans torn to pieces. However, it is critically important to pick up the pieces and find the new course we are to take so that, despite the interruption, we can get to where we want to be.
As we all know, life can change in an instant leaving our best-laid plans torn to pieces. However, it is critically important to pick up the pieces and find the new course we are to take so that despite the interruption, we can get to where we want to be. As a Certified Financial Planner at Wiegers Financial & Benefits for over ten years, I’ve seen firsthand how life changes can impact financial goals. The Financial Consumer Agency of Canada underscores the importance to keep current in your financial plan and navigate changes effectively.
What kind of life changes can impact your financial plan?
Any number of things can change your goals but some of the most common changes are those concerning:
Job and pension: A change in employment can have significant effects on your pension plan and retirement savings. For example, you may have lost employer contributions to your pension due to a job change. The Government of Canada’s Employment Insurance provides information on benefits and services available to those affected by job changes.
Income: Variations in income levels, whether through a salary increase, job loss, or starting a business, require adjustments to your financial strategy.
Marital Status: Marriage, divorce, or remarriage can affect your financial priorities and asset distribution. The Canada Revenue Agency (CRA) provides guidelines on how marital status changes can impact your taxes and benefits.
Dependents: Changes in the number of dependents, such as having a child or becoming a caregiver for an elderly parent, can alter your financial responsibilities and insurance needs.
Real Assets: Buying or selling real estate, such as a primary residence or rental properties, can significantly impact your financial position. The Canada Mortgage and Housing Corporation (CMHC) offers resources for understanding the real estate market and managing property investments.
Other Investments: Changes in your investment portfolio, whether due to market conditions or a shift in risk tolerance, can affect your financial goals.
Insurance Policies: Updating your insurance policies to reflect life changes is crucial to ensuring your loved ones are protected. Talk to your financial advisor to ensure your adequately covered.
In a world where change is the only constant, having a financial plan that adapts to life’s twists and turns is essential. At Wiegers Financial & Benefits, we understand that your financial journey is unique and ever-changing, just like your life. That’s why we are committed to providing a comprehensive approach to financial planning, ensuring that no matter what life throws your way, you have the guidance and tools to navigate it successfully. Whether it’s a job change, a shift in income, or a change in family dynamics, our team is here to help you stay on course and achieve your goals. Let us help you build a financial future that is as resilient as you are.
Life changes; so should your financial plan. If you have any questions or wish to review your financial plan, please speak with your financial advisor.
Kim Chicoine, CFP, B.Comm.
Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.
Financial Planner, Manulife Wealth Inc.
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