At this point, you have your habits down. Hopefully you have started thinking about the longer term and are past the days of living paycheque to paycheque. However, a surprising amount of established families are still struggling month to month with larger mortgages, car payments and family costs rising as children get older.
This is also a time when you are ramping up to retirement. It is vital that you understand your pension options, how they will play out for you when it comes time to transition and what other amounts you will need to save to make your retirement all you want it to be. Some other issues that come up at this point may revolve around older children entering post-secondary education as well as caring for parents.
A lot of questions at this point are around which option to take. Do I save for retirement or pay down the mortgage? Do I pay into an RESP or trust account? Is an RRSP or TFSA a better option for me? Should I invest in a Labour Sponsored Investment Fund or a regular RRSP investment? Usually when you earn more, you have more financial options, and these options can be overwhelming to established family.
Often this is the time in life where we need to spend more time figuring out answers. Retirement is about income, while starting out is about budgeting. This time in life is about maximising your options.
Contact Chris Worby, your Trusted Regina Financial advisor to get started on a plan to maximise today.