Analysis And Solutions
Depending on the goals that you established in Step 1, you will need to perform some further analysis to define a roadmap to help you achieve your goals. This may include analyzing your retirement, education, debt or insurance needs.
For most Canadians, Retirement Planning is a major goal that requires considerable financial commitment. By completing the Retirement Contribution Calculator we can show you where you are today and how much you need to save to meet your retirement goals.
With the costs of a typical four-year Canadian university undergraduate degree program currently estimated to be about $40,000 including room and board, and that figure rising, most parents consider Education Planning an important long-term financial goal, and a regular investment plan is an important part of this strategy. Our Education Savings Tool is designed to assist you in determining how much you need to save today in order to meet future education costs.
While you may not wish to drastically alter your lifestyle, a budget is important for planning purposes and to determine the availability of funds to set aside for savings. Debt Management is the ability to handle your current debt and whether one can assume further debt. Since most of us incur debt at some point in our lives, effective debt management is critical to a sound financial plan. Debt reduction often ranks as a primary financial goal, especially if it includes paying down a mortgage. The first step is to determine how much you currently owe using our Total Debt Worksheet. The second step will determine your Total Debt Service Ratio (TDS), which Financial Institutions use to measure your current debt situation in order to assess and approve your credit and loan applications.
Life can be unpredictable. Whatever your age and personal situation, make sure you have a plan in place to provide for your survivors. Mortgage Life Insurance and Mortgage Critical Illness Insurance can help to ensure that your family is adequately prepared in the event of your death.
Any goal, regardless of the amount, can best be served by applying a systematic approach to savings. Consider investing regular amounts to your plan during the year as opposed to attempting to come up with large amounts when it is required. Not only do you avoid the rush and pressure, but you take advantage of dollar-cost averaging. TD's Pre-Authorized Purchase Plan Tool will show you how to implement this important strategy for any of your goals.
