Xue, 52, and Mei-Lien, 48, are part of the sandwich generation, balancing a variety of financial objectives. They are saving for their children's post-secondary education and preparing for the potential costs of long-term care for their aging parents. At the same time, they want to make sure their plans to retire at age 60 stay on track.
Working with a snapshot view of all their assets and liabilities, their advisor can help them:
- Ensure their portfolio is properly diversified to reflect their time horizon and risk tolerance and more accurately forecast future cash flow streams
- Reduce their tax bill by holding interest-generating investments inside registered plans and investments that generate capital gains and Canadian dividends in non-registered plans
- Track Registered Education Savings Plan (RESP) contributions to maximize the Canada Education Savings Grant (CESG)
- Use TFSAs to build a source of funds that can later be directed towards any of their goals, including their parents' long-term care expenses
- Choose registered and non-registered investments as appropriate for individual goals
Xue and Mei-Lien can have the peace of mind that comes from knowing they're making progress towards all of their objectives, and the confidence to move forward with their early retirement plans.
Benefits at every life stage
At all life stages, holding your banking, investing and credit accounts with one financial institution can help you avoid costly mistakes, such as overcontributingover contributing to RRSPs, RESPs and TFSAs. A consolidated view of your finances provides the benefit of simplicity, giving you an "at a glance" understanding of where you are and the progress you are making towards your goals.
Consolidating all of your accounts with one financial institution can also save you time. You won't have to review and reconcile statements and messages from a variety of institutions every month.
Why choose CIBC?
A CIBC advisor has access to a comprehensive range of investment strategies and solutions that can help you achieve your financial objectives. With a complete understanding of your financial situation, an advisor can recommend customized approaches, refer you to CIBC specialists and empower you to make the best possible decisions for yourself and your family. Talk to a CIBC advisor today.