Welcome to 2025: My New Year’s Resolutions

With the New Year in full swing, I’ve taken some time to set a slate of resolutions—not the fleeting kind like a diet or a workout plan, but meaningful goals I have all year to tackle. Here we are, three weeks into January, and the best part? I haven’t broken any of them yet. Of course, I still need to start some of them!

Here are my resolutions for 2025, and I hope they inspire you to reflect on your own priorities as well.

1. Review All My Subscriptions

I’ll admit it—subscriptions are my Achilles’ heel. Years ago, I had dreams of becoming the next Jimi Hendrix. At 50, I thought, "Why not? Jimi started at 15, but it’s never too late!" That dream didn’t quite pan out, but my monthly subscription to Guitar World kept on rolling. At $40 a year, it didn’t seem like a big deal. But when I reviewed all my unused subscriptions, I realized they added up.

This year, I’m making a conscious effort to trim those unnecessary “cost commitments” and reallocate those funds to things that truly matter.

2. Review My Beneficiary Designations

This is a simple yet often overlooked task. Registered accounts like RRSPs, RRIFs, and TFSAs should have both a primary beneficiary and a contingent beneficiary.

• Primary beneficiaries a smooth transfer outside of the will, bypassing probate. We often appoint our spouse as the primary beneficiary.
• Contingent beneficiaries come into play when the primary beneficiary predeceases the account owner and beneficiary designations are not updated. It is prudent to designate a back-up beneficiary as we are no longer able to update our designations if we become incapacitated.

It’s worth reviewing these designations to make sure they align with your current family and financial situation.

3. Review My Life Insurance Policies

We all monitor our investments, but how often do we check our insurance policies? This year, I plan to:

• Check the details of my critical illness policy. I have a return of premium rider that I need to revisit—did it kick in at 65? I’m now 66, so I might be paying premiums unnecessarily.
• Review term policies. Some of my term policies allow for conversion to permanent plans without a medical exam. Given that I was much healthier 30 years ago when I took these out, this could be a wise move.

I’ll also organize my policies in one accessible binder, making things easier for my loved ones when the time comes.

4. Review My Will

My will hasn’t been updated in years—since Marissa was a teenager, in fact. This year, I’m making it a priority to:

• Update my list of assets.
• Include any charities I’d like to support as part of my final bequest.
• Revisit my executor choice. My brother, who’s eight years older, may not be the best option anymore. I’ve switched to BMO Trust to handle my affairs, but it’s worth double-checking everything.

5. Talk to My Power of Attorneys

Having frank discussions with my Power of Attorneys (PAs) for health and property is another key goal.

• Health: What measures should be taken if I’m on life support? These are tough conversations, but it’s essential to put your expectations in writing and communicate them to your loved ones.
• Property: Are there any special instructions if ongoing support is needed while I’m infirmed? Clear, written instructions help ensure your wishes are executed smoothly.

6. Talk to My Beneficiaries

I’ve learned the importance of transparency. Before my mom passed, she informed my siblings and me about a specific bequest that distributed her estate unequally. While it might have been a shock otherwise, having that conversation ahead of time eliminated any surprises or disputes.

This year, I plan to have similar discussions with my own beneficiaries, ensuring everyone knows what to expect.

7. Compile All Documents in One Place

After my brother’s unexpected passing, I saw firsthand how critical it is to have your documents in order. While retrieving his BMO Nesbitt Burns statements was straightforward, tracking down his older life insurance policies and other investments took far more effort.

To avoid confusion, I’m organizing everything—wills, policies, asset lists—into one folder. Even handwritten notes can help ensure nothing is overlooked.

8. Choose an Accountability Partner

This one’s for my health goals. I’ve found that having a partner keeps me on track. Whether it’s working out with a buddy or using my Apple Watch to monitor my steps and close those rings, accountability works. (Yes, I’m the guy walking around the neighbourhood at 11 p.m. just to hit my targets!)

Let Us Be Your Accountability Partner

At the Mah Investment Group, we want to help you stick to your financial resolutions. This New Year is the perfect time to:

• Review your retirement plan.
• Assess your savings and spending strategies.
• Ensure your beneficiary designations are up to date.
• Revisit your insurance policies.

Together, we can resolve to “Build More with Mah” in 2025. Let’s make this year a prosperous and well-prepared one!

Ready to get started? Give us a call—we’re here to help.