IS IT TOO LATE
“SHE FORGOT ABOUT IT.”
– By Suzanne Soto-Davies
E very time I present in front of a crowd, I feel nervous.
Starting the evening before, right through to the moment
I complete my presentation. Last time I presented it was
no different, until I spoke with Jean.
I was presenting for the Mississauga Rotary Club about
the importance of preparing a Will, since this topic is
very dear to my heart. After my mother’s aneurysm, I
published the WISH Workbook (‘What If Something
Happens’, see inside back cover) and I’ve been promoting
the importance of having your affairs in order, to as many
people as I can possibly reach.
After the presentation, Jean came up to me and thanked
me for presenting on the topic, which she said was also
very dear to her heart: Her mother had passed away
recently, and she had not prepared a Will, didn’t have
POA’s, nothing. It was a confusing time for Jean (I could
relate!) but the worst part for her was, that she said over
time her mother had forgotten all their agreements.
“I was to look after her things, and organize her
belongings after she passed away. It was always going
to be me, that’s the way she wanted it,” explained Jean.
“Once she passed, my brother, my sister, and a whole
bunch of other people wanted IN. All of the sudden it
was out of control, with everyone wanting the same items
and not paying importance to what her wishes were!”
I too have recently been witness to my parents’ aging
memory, and it’s no picnic. For as much as you have the
most noble of intentions, and may be the one who takes
interest in helping them out, over time they may forget.
This is probably why Attorneys demand a witness to
everything that is signed!
My best suggestion is, to prepare a Will, or buy a WISH
Workbook (or both) and get your affairs in order. It’s a
tragedy when children struggle
over their parents; but if
memory fails you in the future,
at least you’ll know that you’ve
done everything possible to
keep the peace. •
Suzanne Soto-Davies is the
founder and publisher of Silver
and Gold magazine, and the
author of the WISH Workbook:
www.whatifsomethinghappens.ca
Names have been altered for
confidentiality purposes.
30
– By Brian Weatherdon, MA, CFP, CLU, CPCA
S uch an intriguing title can mean different things to
different readers. One may have managed a healthy business
but never invested actively outside it, while another saved a
little but their great success has been clearing the mortgage.
A third had neither a home nor a business – just worked hard
and paid the bills. So let’s consider now at this time of life,
is it too late to invest?
Let’s start from the beginning. Imagine your
savings could fit in a thimble but you could save $50 or $100
a month. Should you spend or save it? May I suggest you
tuck this into a Tax Free Savings Account (TFSA) because
your money can grow and you’ll never pay tax on it. Let’s
say you build $1000 in the first year – it’s $1000 you didn’t
have otherwise. It’s always good to have spare money, right?
So now, can you find $50 or $100 each month? Coins in
the couch, skipping “fast food,” nearly-new name-brands at
Value Village? You might dream up six or ten ways to save
more money each month. Reward yourself too, and then
move on to next month’s target. By the end of 2019, how
much would you like to own in tax-free savings?
If you’ve paid off the mortgage this is like
having extra money in your pocket. It disappears quickly
without a plan, so let’s imagine $1200/month you’re no longer
putting into a mortgage. Divide that into two pots: One for
spending, one for saving. From the first pot you, can enjoy a
new community activity, an upcoming trip, a purchase you’ve
promised yourself. Now the second pot is for longer term –
future needs and travels, comfort when we’re older. Saving
just $600 a month can become $8,000 in the next year or
so. It’s $8000 you didn’t have before. We would then discuss
what $8000 can do for you, and investing it so it stays safe
and also grows larger. Another year this can reach $20,000…
enough for a dream vacation with spare cash for a rainy day.
Business owners have been frugal with money,
as this is how they managed their life and work. Some are
uncomfortable now, how to save and spend in retirement.
It’s a time we can “pensionize” your nest egg, securing life-
income, increasing yearly, and lasting you forever. There are
vital strategies to sustain such income to age 85 or even 105
if you wish… as long as you need. We also aim to reduce
income taxes and protect your CPP and OAS benefits.
“A ship in harbour is safe, but that
is not what ships are built for.”
– John A. Shedd
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