Federation of Ontario Law Associations

FINANCIAL SOLUTIONS BLOG

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WHAT’S WORSE THAN BUYING LIFE INSURANCE? DYING WITHOUT IT

“Oh man, I’ve got the best life insurance,” said no one ever. That’s because, at the end of the day, most policies operate under the same basic principle: you pay a moderate amount of money every month for insurance that only pays out after you’re dead. That’s not the most exciting sales pitch.


But deep down, we know it’s important to purchase life insurance. Fortunately, there’s one plan that makes it pretty painless

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CASH FOR LIFE. AT WHAT COST?

  

The so-called 4 percent rule has become the popular formula for napkin math when it comes to calculating how long your retirement savings could last. It goes like this: 

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WANT TO BE HAPPY? PRIORITIZE EXPERIENCES OVER THINGS!

Try to remember where you were on this day in 2015. You probably can’t. Now think about the view from the best hotel you ever stayed in. Or maybe the cabin where you and your friends slept at camp, the best beer you ever shared with a friend or that time you volunteered on a build, a dig, or an event. These things are easier to recall because memories of life’s experiences have a way of staying put. They remind us where we’ve been. Over time, they tell a story about our priorities and how we chose to live.


There’s a vast amount of research suggesting why we take greater pleasure in experiences than we do in the accumulation of stuff. It goes back decades and boils down to these three things: 

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3 REASONS TO JUMP ON THE COMPANY PENSION PLAN

If you are lucky enough to have a company-sponsored pension plan, it’s likely a defined contribution (DC) plan and your employer may offer some amount of matching, meaning they will also be contributing to your retirement savings goal. Matching rates vary by plan and can be as high as 100%. If this is the case, you’ll have an additional and reliable source of income when you retire.  

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GOING SOLO - 3 TIPS FROM THE FIELD

Sara Forte, an employment lawyer, recently sat down with Lawyers Financial to reflect on her experience starting a firm and building a team. By all accounts, her practical and intuitive approach to success is working. 

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CRITICAL ILLNESS INSURANCE

Surviving a serious illness can often lead to unexpected and very significant expenses that may not be covered by your regular health insurance benefits.  


Some of that money may be needed for medications, home care, and therapy not covered by your Canada provincial health plan. “That’s why this coverage is so exceptional" says Sudbury Financial Advisor Chris Newell.


Money to cover expenses. Money to buy time off. Money to allow participation in the healing process.  These are just three great reasons to get critical illness insurance!

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TIME IS ON YOUR SIDE

Would you be in a better financial position if you spent more time managing your finances and less time doing your job?  


The answer is usually no.  For lawyers, time is money and there is real value in outsourcing the time to plan, compare alternatives, research options, stay current on tax laws, and execute your financial plan.

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3 WAYS TO MAXIMIZE A CASH WINDFALL

  

It’s not unrealistic for you to ponder the possibility of a modest cash windfall in your lifetime. It could be an unusually large bonus, profit from the sale of your business, or an inheritance. For sake of discussion, let us assume that you didn’t plan on this money coming and let’s work with an amount of $50,000. 


What to do with this windfall? 

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5 THINGS YOU SHOULD KNOW ABOUT CYBER RISK

It's only a matter of time:  Our increased dependence on technology has resulted in vulnerability and a rise in the frequency and severity of cyber breaches. Computers are used for everything from storing staff employment records to customer phone numbers to company strategic planning. Any data gathering network used by you or your firm could be a target.

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WHO REALLY NEEDS LIFE INSURANCE?

Life insurance serves many purposes, but one of the top reasons people buy insurance is to replace the income that would normally provide for their family’s lifestyle and long-term security in the event of premature death. 


So, who really needs it?  

tax refund, financial planning, rrsp, tfsa, family finances, retirement

SPRING CLEANING YOUR FINANCES IN 5 STEPS

Spring time is the ideal opportunity to have a chat with your Financial Advisor and do a little spring cleaning on your family finances. It won’t take long and you can look forward to summer with the confidence of knowing everything is up-to-date and on track.  


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Family, tax-free, financial planning, RRSP, TFSA, mortgage, retirement

LIFE INSURANCE IS FOR THE LIVING TOO!

When people hear the phrase “financial planning” they usually think of RRSPs, TFSAs, and other types of investments. However, life insurance plays a strategic role in the financial planning process. For lawyers, term life insurance may provide many benefits that you may not be aware of – benefits that can protect both your family and your firm.


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3 TIPS FOR PERSONAL BRANDING FOR LAWYERS

A strong and recognized personal brand can help you cultivate business for your firm or stand out among a crowd of corporate lawyers. The fact is, everyone already has a brand. The question is, are you actively developing and managing your brand or is it being done by others, without your direct input?

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PROTECTING YOUR MOST IMPORTANT ASSET

It’s easy to imagine using an insurance policy for a water leak damaging office equipment or if you back your car into a post and crush your bumper, but a disability insurance claim is an unpleasant and abstract event.  


When it comes to disability insurance, how do you know what's right for you?  


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retirement savings and retirement planning for lawyers

ARE WE SAVING TOO MUCH FOR RETIREMENT?

If the unexpected is truly unexpected, who knows what to expect? Well, the Society of Actuaries is a good group to ask. In 2015, they set out to identify the type of rainy day situations that retired Americans actually encounter and how they cope with them. We can assume that Canadians might expect similar situations.   


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EVERYONE NEEDS AN RSP RIGHT? WRONG!

The deadline to make a contribution to your Retirement Savings Plan (RSP) is March 1st, 2019. Most people will likely benefit from opening an RSP early, investing regularly, and staying invested for the long haul.


But perhaps, you are not like most people.   Maybe an RSP is right for you. Maybe it’s not.  So what is right for you?    


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YOU CAN CONTRIBUTE MORE IN YOUR TFSA FOR 2019

TFSAs are an excellent way for Canadians, age 18 and older, to grow their savings tax-free. Although contributions are not tax deductible, income earned in the account and withdrawals from the account are tax-free. Unused contribution room is carried forward, and withdrawals from your account will be added back to your TFSA contribution room at the beginning of the following year*.   


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FOUR STEPS TOWARDS FINANCIAL FREEDOM

For many, the thought of planning for retirement is daunting. How much money will I need to be able to retire? How much do I have to save each month or year? Will it be enough? What if we changed the goal to achieving financial freedom? 


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IS YOUR LAW FIRM PROTECTED?

You most likely have home insurance to protect your house and all contents … but do you also have this type of protection in place for your law firm?  Whether your firm rents office space or owns its own building, office insurance can protect your assets and your livelihood. 


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BENEFITS & CHALLENGES OF GOING SOLO

Going Solo:  A practitioner in the emerging field of family health law reflects on the benefits and challenges of a one-person firm.


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ANNUITIES: OVERLOOKED GEMS IN RETIREMENT PLANNING

Defined Benefit Pension Plans are becoming increasingly rare in Canada and more rarely an option for members of the legal profession. 

For retirees with some savings who also expect to collect benefits from the Canada Pension Plan (CPP) and Old Age Security (OAS), Vettese recommends converting about one-third of personal retirement assets into an annuity that provides income for life. 


Those planning for retirement should consider these four important steps to making annuities part of the plan. 


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3 THINGS THEY DON'T TEACH YOU IN LAW SCHOOL

Congratulations! You've graduated law school, passed the barrister and solicitor exams (hopefully), and are now working as an articling student or lawyer. The world's your oyster, or at least you think it is. Law school is great at getting you ready for the rigours of legal research and writing memoranda, but there are scary realities awaiting you in the practice of law. Whether you are hanging your own shingle, working in a small practice, or heading into a career with big law, here are 3 things your professors forgot to teach you in law school. 


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This Blog is generously supported by Lawyers Financial

Lawyers Financial is a brand of The Canadian Bar Insurance Association (CBIA). Providing a comprehensive suite of financial solutions exclusively for lawyers, their families and employees is all we do. Being not-for-profit, we measure success in satisfied clients, not dollars. No matter the situation, we can help you to be ready. 

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