Statistically, women outlive menⁱ, which necessitates a well-thought-out financial plan to support them for a longer duration including planning for now, retirement, and wealth transfer to the next generation. At Alterna Wealth we are committed to helping women secure their financial future through expert advice, enabling them to embrace the opportunities that await with knowledge and inspiration.

In this blog post, I will focus on four fundamental tactics that will play a pivotal role in safeguarding your financial future: opening and regularly contributing to a RRSP, considering TFSAs and non-registered investments to boost savings, diligently paying down debts, and estate & tax planning. Each of these strategies is designed to equip you with the tools and knowledge needed to take control of your financial journey and to ensure a stable and prosperous future. So, let’s delve into these key tactics that will pave the way for your financial success:

1. Open and regularly contribute to a RRSP:

A Registered Retirement Savings Plan (RRSP) is a powerful tool that not only offers tax benefits but also ensures a secure financial cushion in your retirement. By contributing regularly to your RRSP, you can take advantage of tax-deferred growth, allowing your investments to appreciate over time. As women tend to outlive men, building a robust retirement fund that can support you over your extended lifespan becomes even more vital. Whether you are just starting your career or well into it, opening a RRSP and making regular contributions will set the stage for a stable retirement.

2. Consider TFSAs & non-registered investments for additional savings opportunities:

While RRSPs offer numerous advantages, they do have contribution limits.  Consider broadening your investment portfolio with Tax-Free Savings Accounts (TFSAs) and non-registered investments to maximize your savings potential.  By exploring these options, you can harness additional avenues for tax-efficient growth in an effort to maximize your wealth.  These can also be used as a savings vehicle for future large purchases as an alternative to relying on credit. Additionally, our Alterna Wealth Advisors are accredited with RIS (Responsible Investment Specialist) designation and can guide you through the process of selecting investments that support positive societal change.

3. Pay down debt wisely:

Debt can be a significant obstacle to financial security. Prioritize paying down high-interest debts such as credit cards and loans as part of your financial strategy. The more you can reduce your debt burden the more resources are available to invest in your future. A thoughtful debt repayment plan and disciplined financial habits will free up resources to maximize contributions to your RRSPs, TFSAs, and other investments.

4. Estate & tax planning:

As mentioned previously, women statistically outlive men. Your estate planning may have begun with your partner, however, as material life changes occur - such as becoming a widow - circumstances may arise that require you to revise your initial plan.  Or you may be on the estate planning journey independently.  Once you begin, it is important to consider and record what you have, who you care about, and how the two intermix. While a lawyer will likely be involved in your estate planning, you may require guidance in other areas too – spiritual and financial. Your Alterna Wealth Advisor can develop a strategy to help minimize the tax burden for you now and your beneficiaries in the future.

As you travel on your financial journey, no matter what stage you are at, we aim to provide you with the information and tools you need to make the best decisions for yourself and your financial future. At Alterna Wealth, we recognize the unique challenges women may face in the financial landscape and are dedicated to assisting you in achieving your goals.

Remember, securing your financial future is not just about the numbers, it’s about embracing opportunities as they arise with wisdom and inspiration. Let’s work hand-in-hand to secure a bright future for all the remarkable women who make up Alterna.