A
t a glance
Helping You Understand Financial Planning and Investments
Build Your Financial Plan
As the tax year comes to an end, it's more important than ever to start
mapping your financial goals for the coming year and the future. If you
were going on a tropical vacation, you wouldn't simply show up at the
airport and expect to have tickets, baggage and a hotel room already prepared. You need to plan. The same is true when it comes to your money.
Organizing your investments now and building your portfolio for the
future are important steps to get there.
Where do you want to be in the next five, ten or twenty years? Do you
want to travel or buy a new house? Will your kids be going to university?
These important financial decisions require careful preparation.
Here are some helpful strategies you might want to consider:
1.
When deciding where to invest your money, remember to compare benefits
such as investment management fees, transfer costs and tax savings.
2.
When choosing investments, ensure they are best suited to you by matching
your financial objectives and risk tolerance to your fund selection.
3.
Diversify, diversify, diversify. Spread your investments over several funds
that pursue a variety of investing styles. Vary your approach to reflect
your financial circumstances, risk tolerance and goals.
More on back
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This information is provided to the Research Pension Plan Members from the Research Pension Plan Committee as part of the ongoing information and communication strategy.
This document and future communications are available online at: www.usask.ca/hrd/benefits
Decide on your objectives
Depending on your financial goals, the number of years before you'll use your
investments determines your investment horizon. If you're planning to retire
in 20 years, keep in mind that you won't need all your money on the day you
retire. You may enjoy a long retirement. You should keep this is mind when
determining how long you plan to invest. Envision your long-term goals,
taking into account the income you'll need at every stage. That will help you
map out a clear and effective financial strategy.
Create a budget
Once you know your assets, expenses and your current income status, you
should start developing a budget for the future. Do you expect your income
or expenses to change? Since you generally have more control over your
expenses than your income, adjusting your expenses can help you plan your
budget more effectively.
Try to be realistic with your goals to ensure you can achieve them. Also keep
in mind that, as with all things in life, your circumstances may change. You
have to be willing and able to fine-tune your budget to reflect changes in
expenses (or income) rather than abandoning your plan in frustration.
Envision your
long-term goals,
taking into
account the income
you'll need at
every stage.
It's a new year — the perfect time to plan your financial future. A great
option is your group plan. It gives you total flexibility when making savings
and investment decisions that are right for you. You get the convenience and
cost savings of a group plan, with the ability to tailor your portfolio to your
individual needs. If you need help, visit www.sunlife.ca/member and check
out Sun Life Financial's what? me save? guide to get you started.
If you have a general question or suggestion about this newsletter, please send an e-mail to can_pencontrol@sunlife.com or write to At a Glance Newsletter,
Group Retirement Services Marketing, Sun Life Financial, 225 King Street West, 14th floor, Toronto, ON M5V 3C5.
This bulletin has been created exclusively for you. It addresses issues to help you with your financial planning and investments.
We encourage you to call our investment specialists at 1 800 387-2636 ext. 7351 if you have any questions.