A workplace pension is a great thing because you know that you will have guaranteed income for life when you retire.
Let me say straight off the bat that the thought of your child dying (no matter how old they are) is a morbid thought and as the father of a 21 year old son the thought never crosses my mind.
You probably never thought of it but if you have ever purchased any form of insurance, you actually purchased money at a discount.
I am an advocate for paying one’s fair share of taxes, after all, for the most part we do get value for our tax dollars in Canada.
Recently I met with a couple to discuss their insurance and retirement goals and surprisingly the husband said he didn’t believe in life insurance or leaving money for anyone else to spend when he passed away.
Those of us who are self-employed create the reality we want, at our own pace and don’t have the luxury of having an employer set up and administer pension and benefit plans on our behalf; which means we have to do it ourselves.
Many Canadian parents save in an RESP for the purpose of funding their children’s post-secondary education.
When someone passes away, their estate is subject to a process known as probate, and you may have heard this phrase, “The will has to go through Probate” before the assets in someone’s estate can be distributed to beneficiaries.
I have heard from many people from all walks of life, in many different situations the phrase “Nothing will happen to me”.