Life can sometimes change your financial plans. Make sure your plan stays current and is flexible enough to adapt to some of the events you might experience in this stage of life.

Step 1 - Setting your goals Step 2 - Determine how much to save Step 3 - Determine what your goals will cost Net Worth Calculator Download the brochure

Changing your career

Some experts estimate that the average Canadian worker changes careers - not jobs - three to seven times in a lifetime. Any life change, be it leaving or starting a new job, starting your own business, or dealing with a job termination, involves a number of financial decisions - decisions that may affect your overall financial plan.

Starting a new job

Review your savings plans. This transition stage is an ideal opportunity to review your current level of savings and your overall portfolio with your Altamira Advisor.
Once you’ve started your new job, be sure to review your health, life and disability coverage options to make sure you and your family are fully covered.
Make sure to invest in your new employer’s retirement savings plan as soon as you’re eligible, to make the most of this type of incentive.

Managing your finances between jobs

If you leave your job voluntarily, or lose it as a result of downsizing, it’s especially crucial to manage your finances to ensure you’re well prepared in the interim. Depending on your situation, and how long you’re unemployed, you may want to consider the following cashflow strategy to ensure you’re adequately providing for your financial needs until your next job:

Stage 1: Severance package, unemployment benefits, emergency funds
Stage 2: Low-interest lines of credit, loans
Stage 3: RRSPs, high-interest credit cards

Dealing with marriage breakdown

Unfortunately, statistics show that many people may ultimately be faced with the emotional and financial consequences of divorce. Often both former partners can end up poorer than before they were married, as they’re now supporting two households and facing more expenses than when they lived together. Implications of a marriage breakdown can be complex – talk to a family law attorney about dividing assets that may result from the end of the relationship.

A few quick tips:

Avoid withdrawing from your RRSP
Update your RRSP beneficiary designation
Prepare a cashflow statement to reflect your new status
Ensure you revise your will - and any power of attorney or life insurance documents - to reflect your new status