Cashflow for lifeSubmitted by Agrawal Associates on May 23rd, 2017
May 23, 2017
The Canadian population is continuing to age and, with that, more and more seniors are asking themselves two important questions:
Can I retire? Am I going to be okay?
Financial advisors in Calgary are encouraging those who are close to retiring — or have recently retired — to confirm their access to cashflow for life before they do anything else.
“People often haven’t assessed the longevity impact on their finances,” explains Girish Agrawal, Principal at Agrawal Associates Private Wealth Management with Investors Group Securities Inc. “Every extra year you live, the cost of living changes. You may run into health issues that you hadn’t in the past.”
According to census data from Statistics Canada, Canadians lived an average of 81.7 years in 2011. That’s an increase of 24.6 years since 1921.
As we live longer, Agrawal stresses the importance of ensuring your cashflow is both reliable and protected.
“It’s important to find a balance. You want to protect your money from risk, but if you remove all of the risk, it won’t grow either. We manage risk through wealth management strategies to ensure a reliable and protected cashflow.”
Managing external pressures
Advisors are also recognizing the importance of supporting “emotion management” as people shift into a retirement lifestyle. Facing influences such as children, grandchildren, and their own desires to live a certain lifestyle makes it that much more challenging to maintain effective cashflow. Having your advisor involved as a neutral party can often ease some of that pressure.
Above all, Agrawal focuses on ensuring clients are happy, healthy and wealthy — in that order. Following prudent principles of wealth management and looking at every area of your life — from retirement planning, to debt management, intergenerational transactions and everything in between — his advisors are trained to customize unique plans to fit the needs of each individual person.
And with all baby boomers hitting retirement age by the end of 2030, Agrawal says it’s never too early to seek advice — whether from lawyers, accountants, or other professionals.
“It’s also never too late to obtain financial advice — or any type of advice,” says Agrawal. “Ideally, people should obtain advice before they need it so they can make good choices moving forward.”
This article originally appeared in Calgary Prime Time magazine, March 2017.