Category : News
Strange question to ask? Modern medicine and good eating habits have helped increase the average Canadian’s lifetime. Along with living longer comes the need to have sufficient savings to last for your longer lifetime. It has been my observation that older people begin a process of consolidating their assets by getting rid of things that they no longer need by either selling or simply giving them away and sometimes selling their large home in preparation to downsize to a smaller living space. In or near major Canadian cities, selling a home sometimes results in what looks like a financial windfall. If this happens to you, it likely will be hard to believe that so much money could now be sitting fallow in your bank account. It won’t be long before your bank sales representative calls you to suggest ways to invest this money because, for aggressive bank employees, it’s just too good a sales opportunity to miss. In addition to pressure from your bank to invest, it’s common for close relatives to offer to help you decide what to do with all this money. The odd relative may even suggest that a loan to them or even an outright gift would be timely. Elder financial abuse abounds across this country and even though we are concerned about it, there are still no firm guidelines to protect older Canadians.
So, what puts you in the cross hairs of the opportunist with get richer quick ideas who might want to share in part of the excess funds you have come upon?
You might have:
[a] Sold a valuable home or property in preparation to downsize for retirement.
[b] Won a lottery.
[c] Come into an inheritance.
[d] Sold your thriving business.
[e] The Stock Market has been good to you.
[f] You profited from early involvement in BitCoin.
Maybe it’s time to consider setting aside part of your new found wealth to purchase a guaranteed life pay annuity. Calculate how much locked-in regular income would cover basic needs, such as food, entertainment, maybe even rent and possibly travel. Doing this would remove the temptation for anyone, friends or relatives to take a run at your assets. Now, with your essential needs covered for the rest of your life, you can more comfortably deal with the capital that you have left. Now you might feel inclined to grant occasional gifts or loans to relatives, charitable organizations or friends. Give a telephone call to John Beaton, senior annuity specialist at 1-800-667-8818. He will be happy to hear your story and maybe give you some positive feedback.