{"id":807,"date":"2014-02-23T22:01:23","date_gmt":"2014-02-24T06:01:23","guid":{"rendered":"http:\/\/inspiredmomentum.com\/?p=807"},"modified":"2014-02-23T22:01:23","modified_gmt":"2014-02-24T06:01:23","slug":"timely-suggestions-about-financial-planning","status":"publish","type":"post","link":"http:\/\/inspiredmomentum.com\/2014\/02\/timely-suggestions-about-financial-planning\/","title":{"rendered":"Timely Suggestions about Financial Planning"},"content":{"rendered":"<p>With just one more week before the RRSP deadline for this year, here is an interview generating invaluable information with experienced Certified Financial Planner Michael Preto:<\/p>\n<p> <\/p>\n<p><b>1 -What might you identify as a myth that still prevails around investing for retirement?<\/b><\/p>\n<p><i>That once you retire, you need to make your portfolio much more conservative.\u00a0 But in reality this is wrong because doing so will prevent you from being able to counter inflation and to live the lifestyle you want. Optimally, it\u2019s best to approach retirement by positioning one\u2019s balanced portfolio in such a way that you will never have to sell a portion of it when it\u2019s in an unfavorable downturn. Further to that, it\u2019s best to have a portion of your well-structured portfolio be less conservative to maximize its outcome and enable you to remain ahead of inflation.<\/i><\/p>\n<p><b>\u00a0<\/b><\/p>\n<ol start=\"2\">\n<li><b>What is the most common mistake you\u2019ve seen for saving and investing for retirement?<\/b><\/li>\n<\/ol>\n<p><i>Most people don\u2019t know how much they need to save in order to reach their retirement goals.\u00a0 They tend to do it in a half-hazarded manner; they may save some amounts but have no way of knowing what exactly they need and might even save too much in some cases. In order to know where they\u2019re going, they need firstly to know where they are now. What is important is figure out what their lifestyle costs them today and to use that as a benchmark for how much they want to spend in retirement.<\/i><\/p>\n<p><b>\u00a0<\/b><\/p>\n<ol start=\"3\">\n<li><b>What would you suggest as the one most important strategy for someone in their 40\u2019s just starting to plan ahead for retirement?<\/b><\/li>\n<\/ol>\n<p><i>To make sure that, if they are homeowners, they will have it paid off by the time they retire. One suggestion is to line up their retirement date with mortgage payoff time.\u00a0 If they don\u2019t own a home, knowing how much they will need and deal with this now is important.\u00a0 Above all, do not procrastinate on getting started with retirement planning, lest regrets are likely to arise in a few years. As a Financial Advisor, I\u2019ve certainly seen many clients wishing they had started earlier.\u00a0 \u00a0\u00a0<\/i><\/p>\n<p><b>\u00a0<\/b><\/p>\n<ol start=\"4\">\n<li><b>What could be a fall back option for a person who is, say 55, and has been unable to save and invest because of financial setbacks such as divorce, ill health or job loss?<\/b><\/li>\n<\/ol>\n<p><i>One thing such a person can do is start from scratch; treat their situation like a new opportunity and embrace a \u201cfresh start\u201d mindset.\u00a0 Whatever the lifestyle was before the setback, start fresh, and realize that it\u2019s never too late!\u00a0 A person in that situation would also be wise to be prepared to work beyond 65.\u00a0 So it\u2019s important that they find ways to enjoy their work, re-evaluate their priorities and save\/spend accordingly. Lastly, learn to better appreciate the smaller yet often more meaningful things in live; most of which are costless and priceless. \u00a0<\/i><\/p>\n<p><b>\u00a0<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With just one more week before the RRSP deadline for this year, here is an interview generating invaluable information with experienced Certified Financial Planner Michael Preto: 1 -What might you identify as a myth that still prevails around investing for retirement? That once you retire, you need to make your portfolio much more conservative.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Timely Suggestions about Financial Planning | Inspired Momentum<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/inspiredmomentum.com\/2014\/02\/timely-suggestions-about-financial-planning\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Isabelle\" \/>\n\t<meta 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