Sometimes we spend so much time preparing for what’s to come, that we forget to maximize the joy in our every day.
Retirement no longer serves up connotations of aimless afternoons drinking tea and playing bingo. Instead – as explored in Parts 1 and 2 – increased life expectancy now offers a longevity opportunity: the chance to return to neglected passions and enjoy your later years while earning income in the process. However, just like with bingo, the numbers need to be right. A sturdy financial plan is paramount to maximising a fulfilling encore career.
Many of us put our dreams and hobbies on the backburner for all kinds of understandable reasons – a job that will pay the mortgage or put the kids through college, to carry on the family business or to pay off debt, for example. For those who love what they do, an encore career offers them the chance to keep on going, albeit at a slower pace. For others, maybe the career you chose when you were 20 was the wrong one, or maybe after 30 years you simply want to try something else.
Ever wished you could do things over? Go back and study harder at school? Or pursue your dream career rather than settle for a steady pay cheque? Maybe you wanted to work overseas but didn’t get the chance. While no-one gets a Benjamin Button-style rewind option, the days of lamenting how you “missed the boat” could be over.
One of the least discussed but most commonly made mistakes when retiring? We all know with certainty what we are retiring from but many of us do not have full clarity on what we are retiring to…
The 60-40 portfolio strategy is a touchstone for the industry, and shorthand for the tried and trusted method of protecting capital from wild market swings. There are endless variations on this theme, largely dependant on client risk tolerance and time horizon, but the navigational starting point of a “balanced” 60% stocks and 40% bonds mix has endured.Yet, when it comes to the financial markets, investors absorb daily blow-by-blow accounts of price drops, stock bubbles, and geopolitical-induced volatility. This can influence decisions and emotions, and lead to panic selling – and often panic buying – that harms your portfolio.
Our House, the gentle Crosby, Stills, Nash and Young classic - written, incidentally, by Graham Nash - strikes an emotional beat familiar to many homeowners or wannabe homeowners. The song describes an everyday scene yet it’s beloved by millions because, as the cliché goes, home is where the heart is. It’s also why decisions around selling or buying real estate, usually the biggest asset a person will own, go far beyond a financial transaction. Yet, when it comes to the financial markets, investors absorb daily blow-by-blow accounts of price drops, stock bubbles, and geopolitical-induced volatility. This can influence decisions and emotions, and lead to panic selling – and often panic buying – that harms your portfolio.
Slaving over a hot computer, putting in extra hours over the weekend… many pre-retirees are driven by a fear of the future. What if I don’t have enough money saved? What if I outlive my investments? Maybe I’ll just tap away for another two years to ensure my family are secure.
ETF Capital Management and Q Wealth Partners are registered trade names of Quintessence Wealth, a registered Portfolio Manager in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan, an Investment Fund Manager in Newfoundland and Labrador, Ontario, and Quebec, and an Exempt Market Dealer in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec, and Saskatchewan. The Ontario Securities Commission (OSC) is the principal regulator for Quintessence Wealth. Please visit www.qwealth.com for more information.
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