By Jillian Stinson
Even the best thought out plans don’t always go as planned. Fortunately, an advisor can help you regain control.
What if your retirement plans take an unexpected turn? An advisor can help you get them back on track. A great advisor will help you not only financially but also mentally.
Three major events that can upset your retirement plans
Three significant events can disrupt your retirement plans:
- A severe illness or the death of your spouse
To learn more: 10 things to do when your spouse dies
- Divorce or separation
Read more: Rebuilding your life after a late divorce
- Loss of income or change in a financial situation
Learn more: Five winning strategies for dealing with job loss
If you are going through one of these significant upheavals, it may be helpful to get help from an advisor.
A good advisor will help you:
to make informed decisions;
create a plan that meets your retirement goals;
not to be afraid of the changes, because you will know that you have anticipated them.
Learn more: 5 tips for finding a trusted advisor
How can an advisor help you regain control of your retirement plan?
The death of a spouse can change your future. It is a shock, both for your finances and your mind. However, a plan for this kind of situation can ease this burden.
- An advisor can help you anticipate.
Take the example of Cam, a Sun Life client. While still working, Cam and his wife, Shannon, planned, with the help of their Sun Life Financial advisor, to retire at age 55. One year from the scheduled date, Shannon dies suddenly of cancer. However, Cam wasn’t entirely taken off guard as he had anticipated this scenario with his advisor, Blake Griffith.
“When Shannon died, we were insured for this type of illness. Cam adds that Blake made sure they were protected and received the help they needed by setting the stage while they were still working.
Do you have financial protection in the event of an accident or illness?
- A counsellor can offer you mental support during a stressful time.
Cam was also able to count on the mental support of his adviser. “When Shannon passed away, Blake was one of the first to hear from me. He went out of his way to help me through this ordeal. »
Despite this upheaval, Cam could retire at age 55, as planned, thanks to his plan.
How can an advisor help you during a financial crisis?
A sudden change in your financial situation due to a job loss or other event can affect your retirement date. However, a plan that provides for such scenarios can save your retirement plans.
- An advisor can help you prepare for the unexpected.
Take the example of Zelma and Ashley. They had plans to build their dream home for retirement while still working. However, a few weeks before moving in, they received terrible news.
Ashley explains: “We had sold our house and were away on vacation when we received a call from the builder informing us that his company was going into receivership. We were due to move in four weeks later, and our house couldn’t be finished. We were homeless. »
It was their adviser, Blake, that they called first.
- A counsellor can refer you to other professionals.
During this trying time, Blake was able to help them on different levels. He started by referring them to a real estate broker. It is common for advisors to recommend other professionals when they cannot offer the assistance required.
Next, Blake delved into their finances. “This situation was very stressful. We spent our time contacting Blake, Ashley recalls. He explained how to take advantage of our savings without losing on the exchange. And we listened to him. With Blake’s invaluable advice, they could find a new home and regain control of their retirement plans.
Get professional help from a counsellor.
Are they thinking of doing business with an advisor? Meet several of them, then choose the one that inspires you the most confidence. Most advisors now offer virtual meetings. Find an advisor.
