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Viresh Mathur
Service Above Self
Service Above Self
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PIANNING FOR THREE GENERATIONS


If you're between thirty and fifty, you may feel sandwiched between the demands of raising a young family and caring for aging parents. How do you find the time, the money and the energy to handle it all?
EASE THE LOAD
You can relieve some of the financial and emotional pressures by planning and preparing for the big priorities of each generation.
You and your spouse should each have adequate life and disability insurance, and a cash reserve for emergencies. Then you'll know that the basic needs of your dependents - children, parents and a surviving spouse - will be taken care of.
SAVING FOR EDUCATION
Get an early start on an education savings plan; since education costs are skyrocketing, take advantage of higher RESP limits. Encourage your children to contribute to their education by saving money and applying for scholar­ships, grants and student loans. Also, encourage teenage children to share family responsibilities by financing their own activities with income from part-time or summer work.
CARING FOR PARENTS
Your parents may be in good health today, but it's important to explore the options available for parents who can't take care of themselves before serious health problems arise. Talk to your parents about their financial situation and plans. How much money will you need to set aside for professional care at home or a quality retirement care facility? How much critical care illness or long-term care insurance is needed as a back-up? What role should you play in providing this coverage?
Your parents may each want to consider granting a power of attorney to an appropriate person, and they may want to prepare living wills.
YOUR OWN PRIORITIES
Once you've addressed these needs, you can focus more clearly on your own priorities and goals. Do yourself and your children a favour by taking care of your retirement and actively pursuing other financial goals.
You'll be pleased to discover how finding specific solutions for the needs of each generation can give you greater peace of mind, and free up more time, money and energy to enjoy life.
For a FREE CONSULTANTION
Connect VIRESH Today!
Ph. 416-822-4783 or
Email: viresh@blueumbrellafinancial.ca and
Visit https://blueumbrellafinancial.ca/ the full range of service offered.
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