An empty nest can help pad your savings

An empty nest can help pad your savings (1 min 57 s)

Added on August 17, 2015

Description

The day your last child moves out is often bittersweet… It's an adjustment but it also means extra funds. Since it often coincides with the last sprint before retirement, why not review your financial plan and maximize your RRSPs? It would certainly help realise a project dear to your heart…

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An empty nest can help pad your savings (1 min 57 s)

Added on August 17, 2015

Hello!

Today, I'd like to talk to you about a defining day for many families. One that's often bittersweet: it's the day your last child moves out. Even though kids now seem to live at home longer, it's quite an adjustment when they do leave.

A friend was telling me about her son with the insatiable appetite! The grocery bill went down by $100 a week after he moved out! Another friend simply couldn't believe how the bathroom and kitchen stayed clean for more than one day, after her daughter left home! But of course, we make light of those things and focus on the positive. Fact is it's always bittersweet when the kids leave the nest, and there's suddenly a void to be filled.

If you're like most parents, you may postpone a project dear to your heart for as long as you have kids living at home. But what happens when the last child leaves, whether it's happened already or about to happen? Let's take a look at how you can take advantage of the newly empty nest, at least from a financial perspective!

Maximize your RRSP with the surplus funds and save income tax in the process!

I hear many of you say: once a parent always a parent! You are so right and nothing stops you from helping your children even after they leave. But also remember to save for your retirement plans! By adopting the right strategy, you can benefit from tax savings and free up some funds so you can treat yourself to something special.

Basically, you'll have more cash. And since the departure of the last child often coincides with one last sprint before retirement, why not review your financial plan or even start one if that was one of the things you put on hold?

Speak with your advisor and tweak your financial plan.

Your advisor will guide you with a personalized strategy to bring your projects to life. Give yourself the freedom to enjoy the big day!

If you have questions, please email me at the address you see on your screen. See you soon!