Exciting next steps in life can feel worlds away when uncertainties like the rising cost of living, job security, health, the environment and the general state of the world are top of mind.
If you're feeling nervous about the future, taking control of your finances can be an empowering first step to help you reach your goals.
Insurance is a great place to start, and Sun Life offers several types of solutions along with investments and savings options that can help ease the burden of everyday life.
Take things into your own hands and get life insurance online, or talk to a Sun Life advisor who can help guide you through your options. When you’re protected, you can appreciate everyday moments because you feel confident and secure.
Narcity polled its readers to find out what’s stressing them out the most about the future, and in both the poll and open-ended questions, more than a thousand folks gave strikingly similar responses. That’s to say: you’re not alone.
Here are three common worries about the future and what you can do to start preparing for them now.
Affording A House
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It’s tough seeing house prices creep up while average household income isn't, making it harder for young Canadians to buy their first home than ever.
When it comes to affording a house, it’s key to build up your savings and investments. You can take advantage of your registered retirement savings plan (RRSP) and tax-free savings (TFSA) accounts to help you get there; government initiatives like The Home Buyers’ Plan allow you to withdraw up to $35,000 from your RRSPs (tax-free) towards your first home.
Once you’ve saved up enough to buy a home, you can protect your family with mortgage protection insurance, which is a type of life insurance that can help your beneficiaries pay your expenses (including your mortgage) if you die.
My Health & My Family’s Health
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Taking care of your health is super important when it comes to preventing illnesses. But even if you get enough sleep, eat a balanced diet and exercise regularly, unexpected things can happen.
Getting health insurance can give you some peace of mind if anything ever happens to you or your family. It’ll help save you from paying large amounts out of pocket in the case of an incident or serious illness.
While provincial health care plans cover some expenses, they're not totally inclusive, so it's worth considering getting insurance to cover the gaps.
Even if you’re lucky enough to have a job that offers group insurance plans, it’s important to review the terms and see if it’s comprehensive for your own needs. You can always top up your work plan by purchasing additional insurance (like dental, critical illness insurance or disability insurance, for example).
Financially Preparing For Retirement
The best advice for preparing for retirement: start early. Even if you don’t have a lot left over after your monthly expenses, thanks to compound interest, even the smallest amount can grow significantly over time.
Consider an investment plan that allows for tax-free investment growth within your RRSP or TFSA. If you’re not sure how to start investing, you can always speak to an advisor to help you work out a strategy based on your income, risk tolerance and other factors.
When you retire, your RRSP accounts might be your main source of finance, so make sure you’re using them to their full advantage (while taking care not to overdo the contributions).
It's easy to feel overwhelmed as an emerging adult these days, but preparing ahead can help take the pressure off your mind and wallet. Sun Life can help you stay prepared for the future by providing insurance protection and services that suit your needs.
If you feel like something is missing from your plan, or if there are other areas of concern for yourself and your family, you can always speak to a Sun Life advisor.
When it comes to money, family and health, there can be highs and lows. But there are things you can do today to prepare for tomorrow, whatever it brings.
To talk to an advisor and learn more about insurance solutions for you, visit Sun Life’s website or follow them on Facebook, Instagram, Twitter and YouTube.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.