🎈 Happy Meterological Summer🎈 |
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Dear ,
All of a sudden, it's summer in Toronto 😎. Don't forget your sunscreen when you go out to enjoy it.
As an FYI - meteorological summer is June, July and August. I think I'll start summer on June 1st and end it on September 21st and we can get an extra 3 weeks of summer. What about you?
A couple of short articles today including an article on how much money to save for Retirement savings. There's an article on the Canada Dental Plan as well. The final article is on the different types of mental health support and what the difference is between different providers.
If you have any questions, please contact me directly, by phone – 416-806-5478, by e-mail – heather@freed.ca or you can schedule a video conference by ZOOM or phone call directly in my calendar, click here.
Heather
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How much money do you need to retire?
You need to calculate the amount you need in retirement per year (ask me for a spreadsheet to help with the calculation). From that amount, subtract the amount you will receive from Government plans and pension plans. The amount remaining is the shortfall.
A sustainable withdrawal amount is 4%, so divide the shortfall by 4%. NOTE – income tax and cost of living are NOT part of this simplified calculation. And Voila - a rough calculation.
Contact me or your financial advisor and we can do a more precise calculation for you.
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Canada Dental Benefit
Will the Canada Dental Benefit pay for all my dental needs?
The short answer is no. Currently, it is only for children under 12-years-old. The families cannot have any private dental coverage and must have an adjusted annual net household income of less than $90,000. For each eligible child, the benefit provides a maximum of $650 in tax-free payments for dental expenses.
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Finding the Right Therapist
to help you deal with Mental Health
Mental illnesses are health challenges that can affect the way we think about ourselves, relate to others, and interact with the world around us. They affect our thoughts, feelings, and behaviours. Mental illnesses can disrupt a person’s life or create challenges, but with the right supports, a person can get back on a path to sustainability and wellness.
Access to services, support from loved ones, and the ability to participate in communities play a big part in the way people experience mental illnesses. Culture, background, and personal beliefs also shape the way people understand mental illnesses.
PLEASE click here to download a pdf put out by Manulife that describes the different types of therapy available in Canada and what services the different professionals provide. Note, it is put together with a group plan in mind, but all of these services are available to everyone. Note: Many are available at no charge and some are available virtually. If you have an EAP (Employee Assistance Plan), many of these services are included.
Have any questions - feel free to contact me for more resources.
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Heather Freed, CFP®, CLU, CHS
Group Benefits, Insurance, Estate & Financial Planning
Insure Your Freedom
416-806-5478
Disclaimer:
The material provided in this newsletter is for informational purposes only and does NOT constitute legal, tax, accounting, financial, real estate, medical or other advice, and should not be relied on as such. If you require such advice, you should retain a qualified professional to advise you.
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