2019 Year in Review

2019 Year in Review

 
With December soon coming to an end, it is time we take a look back at all 2019 has offered us and say our final goodbyes to yet another year.
 
Over the past 365 days, we have been committed to helping you understand your finances better. We have written over 40 articles on a variety of financial topics including retirement planning, effective budgeting, investment practices, estate planning, caring for ageing parents, charitable giving, considerations for family-owned businesses, retirement for incorporated professionals, among countless other financial matters. We hope that these articles have not only helped you gain a better understanding of your finances, but also feel empowered to take ownership of managing your money.  
 
Below, I have compiled some of 2019’s highlights from the Bongard Wealth Advisory’s blog for your review. As always, if you have any specific questions pertaining to your finances or simply want to learn more about money management, sign up for our newsletter, or contact any of the members at Bongard Wealth Advisory Group.
 
 
2019 Blog Highlights
 
Retirement Planning
 
The transition into retirement is an exciting, albeit sometimes scary, time of your life. Among all the financial questions you have to consider – “will I have enough money to last my full retirement?” “From where will I be receiving income in retirement?”, there are also numerous lifestyle factors that must be considered, as well. Retirement is often a time of great emotional strain as you search for meaning in the aftermath of a career that has played an important role in your own self-definition and self-valuation. “How will I fill my time in retirement?” “Where do I want to live throughout my retirement?” “Should I move closer to my children?” “What do I want to accomplish in my later years?” All of these lifestyle questions (among countless others) should be addressed and seamlessly incorporated into your financial plan. Your financial plan should look beyond simply satisfying any current financial needs, and ultimately, set you on the path to achieving your desired lifestyle in retirement.
 
We understand that retirement planning will look very different for different people. This is why we also have articles catered to various circumstances you may find yourself in.  
 
For basic information related to your finances and retirement savings plans, check out:

• Retirement as a Single Person

• RRSP Guide for Busy Professionals

• RRIFS and RRSP Maturity Options

• TFSAs and RRSPs

 
For more lifestyle-based questions1 to consider in retirement, check out:

• Considering Retiring Abroad?

• Tacking a Retirement Transition: Asking Yourself “What’s Next”?

• The World is Still Your Oyster: Late-Life Career Changes

• Aging & Aging Well: How Apps Can Help

 
 
Estate Planning
 
Estate planning is another critical component of personal financial planning. Having a proper estate plan ensures that your final wishes are respected and that you leave behind the legacy you want to. A recent report by Angus Reid Institute found that more than half (51%) of Canadians say they do not have a will, and only 35% of those who do have a will say that it is up-to-date. These statistics are alarming considering the fact that over the next 20 years, as the largest demographic of Canadians (baby boomers) continue to age, Canada will undergo the largest intergenerational transfer of wealth in Canadian history.
 
The importance of having a comprehensive and thoughtful estate plan cannot be understated. By being proactive and organized, you can take an active role in your estate planning process, reduce your estate taxes, and make your family’s lives easier when it comes to your time to pass. Check out these articles to learn more:

• Simple Ways to Make Your Executor’s Life Easier

• Estate Planning for the Modern Family

• Private Foundations: Philanthropy & Family

• How Much Money Should I Leave for My Children?

 
 
Managing Your Debt
 
No matter what stage of life you are currently in, you have likely incurred some form of debt, whether it is student debt, car debt, a mortgage, among countless other types, that you are working to pay off. According to a report by the Bank of Canada, over the past 30 years, the amount of debt held by Canadian households has significantly increased, not just in absolute terms, but also relative to the size of the economy. With household debt currently sitting at approximately 170% of disposable income, now is the time to refine our debt management skills as we move into the new year. Depending on your financial priorities and your personal motivation to achieve a state of debt-freedom, your debt repayment schedule will look very different. Check out these articles for information regarding debt management:

• Good Debt and Bad Debt: How to Avoid Living in the Red

• Should You Dip Into Your RRSP to Pay Back Debt?

• Managing Different Financial Priorities

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Budgeting
 
A common theme that you can find throughout many of our articles relates to budgeting. Carefully developing and sticking to a realistic budget is the foundation for achieving the most financial goals. Furthermore, implementing simple strategies such as automating your finances, can help you keep your spending in check.
 
While the importance of budgeting is apparent in nearly all of our articles, check out the articles below for more specific information surrounding how to create an appropriate budget that you will actually stick to.

• Fight Lifestyle Creep with Automation

• Developing a Budget Mentality as a Young Professional

 
 
Incorporated Professionals
 
Doctors, dentists, and other incorporated professionals in Canada have to manage an extra layer of complexity when it comes to financial planning. For example, if you are retiring as an incorporated professional, how will your practice fit into your retirement plan? This year, we’ve written a wealth of articles catered to incorporated professionals that highlight various financial considerations

• How the New Passive Income Rule Affects Your Corporation

• Retiring as an Incorporated Professional

• Incorporating a Medical or Dental Practice

• A Beginner’s Guide to Small Business and Tax Saving

 
 
Miscellaneous Articles
 
The article lists provided above are not exhaustive of what we cover on our blog. Ensure that you take the time to check out the countless other articles that delve into various topics aimed at expanding your financial knowledge and developing your financial literacy. Some of our favourites from this year include:

• The Sandwich Generation

• Caring for Aging Parents

• 7 Tips for Family Businesses

•  Donating Securities to Charity

• Registered Education Savings Plan (RESP)

• Guide to Registered Disability Savings Plan (RDSP)

 
 
As the calendar year changes, it is time to make resolutions for the New Year. This upcoming year, when making your resolutions, don’t forget to think about your finances. By educating yourself on a different financial topic each month, you are becoming increasingly financially literate and taking greater ownership of your finances (and your life).

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