With most of their money in stocks, this couple wonders if it’s time to diversify. Plus, how to ensure your retirement savings never run outDon and Patricia are comfortably retired with three children, six grandchildren and a house in small-town Alberta. Don is 75 years old, Patricia 62. Their children are 32, 37 and 40.
Last summer, wildfires in Jasper, Alta., flooding in downtown Toronto and Quebec, and a hailstorm in Alberta contributed to $7-billion in insured losses for the insurance industry in the first nine months of 2024,, the frequency and intensity of natural disasters is threatening the largest component of many Canadians’ nest eggs – real estate. Her story is about how financial plans need to adapt to include projected costs to repair or rebuild property and pay rising insurance premiums..
To make sure your nest egg is sufficient, it’s ideal to continue to build wealth in your golden years, writes Daina Lawrence in this Business article. A pro-active approach means you won’t have to worry about unexpected dips in your standard of living once you retire. Homes and cottages are vulnerable to severe storms, wildfires and flooding, and property insurance may not cover the damage. Do financial plans need to adapt to include projected costs to repair or rebuild property and pay rising insurance premiums?by My Choice Financial Inc. found that average annual insurable damage in Canada caused by natural disasters was up 379 per cent in the past 10 years compared with the previous 30 years.