When it comes to your finances, do you feel good about where you’re at, or anxious that you may not have enough to retire on? Maybe you’re putting off planning for your future.
Whether you’re a millennial, GenXer or a baby boomer, taking a good look at your financial picture and coming up with short-term and longer-term plans can be a great stress reliever.
Experts like Diane Motherwell, Financial Services Officer at Aldergrove Credit Union’s Otter Community Branch, and fellow team member Jennifer Flentge, a Financial Planner serving Langley, help people at all stages of life create and build great plans.
What’s best for you? Depends on your age
- Time is on your side If you’re a millennial (age 25-39), you’re likely to have more student loan debt, possibly be unemployed, and have lower overall wealth and income than older generations. To get ahead, Diane says, you should prioritize your savings, start early and contribute often, even if it’s a bare minimum. “It can be tough to find cash flow to save a regular amount of money each month for the future,” she notes. Opening an RRSP or Tax Free Savings Account, arranging for pre-authorized monthly contributions, and increasing that amount as your income increases can be a good way to get started on a retirement savings plan, she adds.
- Multi-tasking GenXers If you’re in this group (age 40-54), there’s a strong chance you’re not confident you’ll be able to fully retire comfortably. As the generation most likely to be raising kids, paying a mortgage and in some cases, caring for aging parents, it’s important to create a solid plan, Diane says. “This could mean meeting with a financial planner to get started, revisiting your plan if you fell off track, or getting help to catch up with an RRSP loan.”
- Boomers have advantages As a baby boomer (age 55 and up), you’re projected to retire in better health, live longer and have more wealth than previous generations. A wealth review with your financial planner can help you determine whether your existing plan needs rebuilding, Jennifer says, and provide you with peace of mind knowing you’re on track to reach your goals.
To get started or learn how you can shore up your financial future, call or stop by your branch to schedule a chat with an advisor. It’s never a bad time to take stock of where you’re at.
You can benefit from tax breaks
With the March 1 deadline fast approaching for contributions to RRSPs, you can take advantage of tax benefits by investing now. Plus, Aldergrove Credit Union members who contribute a minimum amount to your RRSP by March 1 (see contest details) are entered to win a $1,000 term deposit.
You can find the Murrayville Community Branch in Langley, the Otter Community Branch in Langley Township and the Aldergrove Community Branch on 272 Street in Aldergrove. You can also follow them on Facebook.