Celtic Financial Solutions are your wealth management specialists in Sydney NS!

They offer a wide range of financial products such as RRSPs, RESPs, life insurance, retirement savings, and more!

We try to help clients by focusing on their long term financial goals that maximize wealth for individuals and families. Our financial advisors will help you create a real financial plan that includes your retirement plans, investments, education savings, estate planning, life insurance, and tax strategies.

Contact a financial advisor in Sydney NS today by calling 902-564-8963 or send us an email.

The Essentials of Financial Planning

Building and preserving wealth is a lifelong journey that requires careful financial planning and strategic investment decisions.

This article aims to provide you with insights into effective wealth management strategies and essential financial products such as Registered Retirement Savings Plans (RRSPs), Registered Education Savings Plans (RESPs), life insurance, and retirement savings options.

By understanding these wealth management tools, you can make informed decisions to secure your financial future and achieve your long-term goals. The foundation of wealth management is financial planning. It involves setting financial goals, identifying potential obstacles, and creating a plan to achieve those goals.

Your wealth management specialists will advise you that a comprehensive financial plan covers various aspects of an individual’s financial life, including income, expenses, assets, liabilities, taxes, insurance, investments, and estate planning. A financial plan should be tailored to an individual’s unique circumstances, risk tolerance, and objectives.

RRSPs

Registered Retirement Savings Plans (RRSPs) are investment accounts that allow Canadians to save for retirement while deferring taxes until they withdraw the funds in retirement.

RRSPs offer a tax-deductible contribution limit of 18% of earned income, up to a maximum of $27,830 in 2021.

The contributions grow tax-free, and individuals can invest in various assets, including mutual funds, stocks, and bonds. RRSPs offer several advantages, including tax savings, compound growth, and flexibility in managing retirement income. Consult with your local wealth management specialists in Sydney NS more info on investing for the future.

RESPs

Registered Education Savings Plans (RESPs) are investment accounts designed to help parents save for their children’s post-secondary education.

The contributions to RESP are not tax-deductible, but the investment income grows tax-free. The Canadian government provides an additional grant of up to $500 per year per child under the Canada Education Savings Grant program.

The maximum lifetime contribution per child is $50,000. RESP offers several benefits, including tax savings, compound growth, and flexibility in using the funds for qualified education expenses.

Life Insurance

Life insurance is a financial product that provides a death benefit to the beneficiaries of the policyholder in case of death.

It can be used to protect the financial well-being of loved ones, pay off debts, and fund future expenses. There are two main types of life insurance: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, usually 10-30 years, and is less expensive than permanent life insurance.

Permanent life insurance provides coverage for the lifetime of the policyholder and includes a savings component that grows tax-free.

Retirement Savings

Saving for retirement is a critical part of wealth management. Apart from RRSPs, other retirement savings options include Tax-Free Savings Accounts (TFSAs) and employer-sponsored plans such as Defined Contribution Plans (DCPs) and Defined Benefit Plans (DBPs).

TFSAs allow individuals to contribute up to $6,000 per year, and the investment income grows tax-free. DCPs and DBPs are retirement plans offered by employers, and the contributions are usually matched by the employer.

DCPs are investment accounts in which employees contribute a portion of their salary, while DBPs provide a guaranteed retirement income based on a formula that considers factors such as age, salary, and years of service.

Summary

Wealth management involves creating a comprehensive financial plan that considers an individual’s unique circumstances and goals. Financial products such as RRSPs, RESPs, life insurance, and retirement savings vehicles can be used to help achieve financial objectives.

It is important to seek professional financial advice from a local financial advisor like Celtic Financial Wealth Management Specialists in Sydney NS in order to create a financial plan that aligns with your long-term goals and objectives.

If you are looking for a local wealth management or financial advisor in Sydney NS, don’t hesitate to get the answers to your questions today!

Celtic Financial Solutions

Phone: 902-564-8963

Address: Address: 64 Brookland St, Sydney, NS B1P 5B2 (2nd floor)