Take advantage of these resources we’ve oragnized for you.
As your knowledgeable partners on the road to financial success, Goddyn & Associates Financial ensures you are armed with all the tools you need to be in charge of your money and make it work harder for you. Refer to these useful links, or give us a call to set up an appointment at our Kamloops office.
Calculate how much you will need to save between now and the day you retire.
Find out how much income your Registered Savings plan will generate in retirement.
Registered vs. Non-Registered Investing
Weigh the benefits of registered versus non-registered growth.
Get a personalized assessment of the tax benefits you gain by investing in your RRSP.
RRSP Loan Planner
Find out how an RRSP loan could help boost your income at retirement.
Investment and Saving
Advantage of Early Investing
Learn the importance of investing early and on a regular basis.
Investment & Regular Withdrawal
Calculate the regular income stream generated by your non-registered investment.
Investment & Regular Deposit
See how your one-time investment or regular deposit program will grow over the years.
Discover how much your money can grow in an RESP with the added contributions from the Canadian Education Savings Grant. This tool also helps you figure out how much you will need to save for your children’s education.
Mortgage and Lending
Thinking about buying a home but you don’t know whether you would qualify for a mortgage? Use this calculator to find out how much you could qualify for and what your monthly payments would be.
Mortgage and Loan Amortization Scheduler
Want to know how much your mortgage will actually cost you? This easy-to-use tool provides a detailed payment schedule for your mortgage or loan based on the mortgage or loan amount, payment frequency, interest rate and the amortization period information you provide.
Looking to consolidate your high interest debt into one easy to manage payment? This calculator can show you how much you might save by consolidating your debt at a lower interest rate.
At Goddyn & Associates Financial, we believe in being a resource for the Kamloops community when it comes to their financial and insurance needs. That’s why we’ve provided these helpful articles for your review.
You’re Not Too Young to Talk Insurance
As a Visa card-toting millennial, you’re likely busy paying off debt and pursuing a better job, and insurance isn’t your top priority. In fact, you might think you don’t need policies until you buy a house or have children. But there’s tremendous value in locking in insurability at a young age — you don’t buy insurance with money; you buy it with good health.
Insurance gets more expensive and harder to qualify with age. A permanent policy could cost a 25-year-old about $175 a month for $500,000 of coverage, but $470 for a 45–year-old *healthy non-smoker*. If $175 doesn’t fit your budget, there are other coverage amounts available, as well as term policies with a conversion option to permanent insurance, letting you lock in insurability now with making a full commitment.
Even if you’re covered through work, there are limits to employee benefits. They provide basic coverage, but won’t sufficiently replace income as your family grows. An average life insurance plan offered through group benefits pays a $25,000 to $50,000 death benefit. Other companies pay up to one year’s salary if you die. In most cases, that’s not enough to cover costs. It’s also less reliable — if you switch companies, your benefits package changes.
Insurance is a tool that protects you, your dreams and the people that mean the most to you. You owe it to yourself to think about whether it’s right for you.
Is Your Parachute Packed?
Finding out that you or someone you love has become seriously ill can turn your life upside down. It can affect you, your spouse, family and business partners emotionally, physically and financially. If you suffered a family failure of health, how would you fund your time away from work?
Dixie* is a 35 year old working mom of two. During her last annual checkup, her doctor told her she has cervix cancer. Like many B.C. women who believe they are in good health, she now has to combat this illness. Her husband, Al*, has had to take time off work to care for Dixie and their family. Their biggest financial concerns since she became ill are unforeseen childcare costs, hiring domestic help, and medical costs not covered by MSP. Where is the money going to come from?
- Dip into savings? – They have less than six months of income in an emergency fund let alone enough saved up to cover a long-term illness.
- Get a loan from the bank? – Unfortunately, banks are not eager to lend money if the borrower is currently not working due to illness in the family.
- Borrow from family? – They are too prideful to become a financial burden to those closest to them.
- Sell their home? – They still need a place to live and selling their family home would be devastating to their kids. In addition, do you really want to deal with a move when someone is seriously ill?
- Borrow from their RRSP? – This usually has a long term effect on retirement savings. Not only are would they be using a fully taxable dollar when withdrawing from an RRSP, they are also losing the potential growth through compounding which is a key factor in building wealth for retirement.
What is the best solution? Critical illness insurance – Luckily, Dixie and Al set this plan up through their professional advisor when they were doing their annual financial review last year. The insurance has paid out a tax-free lump sum amount of money to them. And they’ve used this coverage to fill the financial void and cover costs like:
- Leave of Absence from their jobs
- Mortgage and other household bills payments
- Child Care costs
- Domestic help around the house
- Cost of medication that the provincial system does not provide
- Alternative treatment
- Timely treatment outside of Canada
- Time away from work to properly recover
- Private Nursing Care costs
- A recovery vacation with loved ones
Serious illness can strike anyone at any time. The statics are scary. Help protect yourself, your family and your business from unnecessary financial hardship by speaking with a professional advisor about adding critical illness insurance to your financial portfolio. Once you educate about the real-life costs of having a critical illness, you will be thankful you took steps to protect yourself if anything unforeseen comes your way. And if it doesn’t happen, it’s possible to get your money back with a Return of Premiums benefit. Feel free to give me a call if you want to discuss how to make this protection apart of your overall financial plan.
Contact us today to learn how we can help!
Locally owned and operated in Kamloops, Goddyn & Associates Financial Services is your trusted source for insurance coverage and investment planning, handling all aspects of your finances from life and mortgage insurance to RRSPs and benefits. Backed by years of experience, financial advisors Carol Goddyn and Stacey Vair can set you on the right path to financial stability and freedom.
Give us a call or send us an email to request a quote and we will be in touch promptly to arrange a consultation with you.
We understand your time is valuable! Evening and weekend appointments are available by request.