Retirement can be complicated and finances only add to that. It’s important that you’re financially planning for retirement so that you have the means you need when the time comes. Making sure that you’re planning for the future is important so that you can remain confident and have peace of mind. If you’re still unsure about how to protect your money during retirement, keep reading and learn about some ways that you can gain peace of mind and assurance.
Protecting Your Money
Making sure that your money is protected during retirement is important. This is one of the reasons why the Canada Deposit Insurance Corporation (CDIC) exists. The purpose of this corporation is to make sure that money deposited at certain institutions is secure. This is a great way to get peace of mind and make sure that you know where your money is.
Both savings and chequing accounts are covered by Canada Deposit Insurance Corporation. However, stocks and bonds are not within the coverage. One of the best parts of CDIC is that it doesn’t require you to apply or submit claims. If you deposit your money into an account with coverage, then you won’t need to take any further steps. This means that there are no premiums you’ll need to pay.
If your money is in a trust for retirement, then you’ll most likely still have CDIC protection. There are certain qualifications that the trust may need to meet, so it’s important that you research those and understand them fully.
Make an Appointment Today!
We understand that planning for retirement can be stressful. It’s so important that you trust the institutions where your money is held, so that you can have peace of mind and don’t worry. If you’re curious about other ways that you can protect your money during retirement, feel free to make an appointment with us today! We can help you look through all the different options and make sure that you’re choosing one that makes sense for you.
We hope to be able to help you with your financial decisions in regards to retirement. We’re financial experts, so we take pride in being able to help others and share our knowledge with them. Book an appointment to speak with a member of our staff and get the answers you need about protecting your money during retirement.