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Total Wealth Planning is key to ensuring a comfortable retirement

Scotia Wealth Management advisor is offering a seminar to discuss retirement planning that will include a few strategies
wealth-planning
Working with a wealth advisor is an essential part of ensuring you're on the right track for retirement.

COVID-19 changed the way we live and work in many ways. It also forced many of us to rethink our relationship with money.

The realities of the pandemic triggered what economists refer to as the "Great Resignation," in which scores of employees opted to resign from their positions to pursue other opportunities voluntarily, whether it was for flexible or reduced employment, career changes, or early/ semi-retirement.

This shift in employment and income means that Total Wealth Planning for now and the future is more important than ever, Grace Vela, Scotia Wealth Management wealth advisor, says.

"During Covid, regular employees started thinking about what they wanted, which led to the Great Resignation. Many people examined the emotional aspect of what they liked about their jobs, but not enough people took the time to do a financial assessment about where they were," Vela says.

"Covid changed people's lives whether they wanted it to or not. Now, as people are revamping, priorities have changed."

With limitations on activities and travel, households where income remained unaffected saw higher savings rates than ever before.

"We've been given an opportunity and need to come out of this without forsaking the advantages this time gave us," Vela says.

"We need to take the time and sit down and make a plan, so we know what's what."

For Vela, Covid has highlighted the importance of strong Total Wealth Planning and working together as a family to achieve financial goals.

For this reason, she's offering a seminar to discuss retirement planning that will include strategies for maximizing tax savings and ensuring you have an income stream that allows you to live the lifestyle you dream of for retirement.

Vela understands one of the hurdles to accessing financial information is household responsibilities, so she has arranged for free childcare to be available during her seminars. From experience, she knows maternity leave is often a time when women spend time examining their finances, but they also have an infant with them.

"I wanted to make sure childcare is not an issue if you do need to sit down and spend that time planning. Those children are the reason you're doing this. You want to be able to access this information," Vela says.

"I know more and more grandparents are helping out with childcare, and this is also an opportunity for them to attend and not worry about who will watch the children. Anyone can come, sit down and take this time. If two parents want to come, this is an opportunity for both of them."

All you have to do is RSVP online on Vela's website and indicate the ages of children who will require care.

Vela has been with Scotiabank for over 15 years. In that time, she's shifted between retail banking and a small business advisor, working with families and business owners in various roles. That experience is what differentiates her from other wealth advisors.

"I get it from both the individual and business sides," Vela says.

"I take the time to understand a client's total wealth picture to develop a customized and comprehensive investment and Total Wealth Plan."

Working with a wealth advisor is an essential part of ensuring you're on the right track for retirement. While self-service brokerages offer lots of opportunities for money management, there's no planning involved with them, Vela says.

"Total Wealth Planning is the most transparent way to measure yourself. People can tend to feel judged," Vela says.

"It forces you to unpack your emotions, and that's where a third party is useful. I can help you understand your role in Total Wealth Planning but remove the emotion."

To learn more and register for childcare for the retirement seminar, visit https://gracevela.com.

 
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