Your Health and Your Money

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Is your health and your money connected?

We have all heard the saying that money does not buy you happiness. The usual response is “I may not be happier but at least I wouldn’t have money to worry about”. We are finding that people have more stress about money than ever before. Having enough for the future, enough to live on and being able to leave an estate.

We are human beings and I truly believe we are not happy without something to be concerned about; but we need to control that concern. At one time a person worked at a company, retired and received a pension until they passed away. There was never a concern that their pension money will not be there.

If things went well in your life you also invested money you saved to augment your retirement.

A lot has changed:

  • You seldom work for the same company for life

  • Most Corporate Pensions Plans no longer guarantee your retirement income amount in advance

  • Pension Plans aren’t always completely funded and pension payouts could be reduced

  • Pension Plans have actually gone under

  • GIC rates have dropped off the face of the earth, with no upside in sight

  • We live longer

  • Living longer can result in the need for us to pay for more health related issues

  • Equity Markets are much more volatile

  • The press and much of the internet get more views if their news is spectacular, even more if it is negative

  • The baby boomers are now the sandwich generation-parents living longer and less good paying jobs for our children

  • Corporate Health Benefits Plans don’t cover as much as they once did, if your company even offers one

No wonder Canadians’ stress levels are through the roof!

Putting a well crafted financial plan in place will help reduce these stress levels. This plan should encompass savings, investing, taxes as well as considering the vast number of products available that are not the same few that are regurgitated over and over.

I was interviewed on the radio on the Making our Seniors Matter radio program last September and on that show I pointed out that there are higher GIC rates than the large institutions are offering and there are products that guarantee future income can leave an estate.

You can listen to this interview at http://www.terrymcintyre.ca/making-our-seniors-matter .

And yes, your health and your money have always been connected.

Terry McIntyre is an independent investment advisor with Manulife Securities and can be reached at: 905-846-9060, ext.3838, email: Terry.McIntyre@manulifesecurities.ca or website: www.terrymcintyre.ca