Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Financial Advisors at Worby Wealth Management Share Expense Considerations After Retirement

Chris Worby and Jeremiah Worby are Trusted Regina based financial advisors and Wealth Management services providers servicing local Regina households and businesses. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners. Worby Wealth Management listens and provides a personalized financial plan.


Retirement Considerations

by Jeremiah Worby

One of the biggest financial questions on everyone’s mind is whether or not they will have enough money to retire. Not only do savings and investments need to be taken into the equation, income and expenses also need in-depth analysis.


Expenses


Will my daily coffees increase in price? Although I’m poking fun, inflation is a serious concern. Everyone’s expenses will clearly vary from one person to another, but some other considerations need to be taken into account, such as:


  • Will I be able to find work if needed?

    • If income falls short, will a new source of income be required?

  • Am I financially dependent on someone else?

    • Or is someone else financially dependent on me?

  • Do I plan on living in the same city upon retirement?

    • Costs of living can vary greatly from one city to the next

  • Have I taken into account inflation?

    • Will my entertainment and hobby expenses increase during my retirement years?

  • What if interest rates rise?

    • Will I be able to afford my home if rates rise?

  • Do I plan on living in the same home upon retirement?

    • Will I downsize?  

    • Is condo living a consideration due to limited mobility (that could mean increased expenses due to HOA fees)?

  • Do I have or need insurance?

    • What if something unexpected happens during retirement?

  • Do I have a will, power of attorney, health care directive in place?

    • Making sure all angles are considered and taken care of in your retirement years can help you live without unneeded stress


Find out more

Whether you’re 30 years away or just a few months from retirement, proper retirement planning is essential. Contact Worby Wealth Management to start planning your retirement today.


Some of the services that Worby Wealth Management can help you with: 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!


The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Trusted Regina Insurance Provider Campbell & Haliburton Insurance Answers Questions Regarding Renter's Insurance

Trusted Regina Insurance experts at Campbell and Haliburton Insurance Inc have been in the community for over 50 years. They know it is customer service and knowledge that counts when you are in need of an insurance company in Regina. Campbell & Haliburton Insurance, myCH.ca, dedicated insurance brokers in Regina can assist you with finding the plan that works best for you. In their latest Trusted Regina Insurance Tip, they share what you need to know about renter's insurance.

You have found a place to rent. Fantastic! You have arranged for movers (whether professional or friends to help). Great! You have even downloaded an app to help you decide how to arrange your furniture. Fun! But what about renter’s insurance?

Renter's Insurance

Renter's Insurance, sometimes called tenant insurance, can sound scary, complicated, and worse still expensive. But it does not need to be all that difficult. And often people find it to be less expensive than they first thought.

At Campbell & Haliburton Insurance, myCH, we can help unravel the mystery of renter’s insurance. Most renter’s insurance policies will protect you in two important ways – both your contents and your liability.

Caveat: There are a number of insurance companies that sell renter’s insurance here in Canada. There are similarities between them but also differences. This is not designed to be the definitive word on what each individual policy covers. Rather it is designed to provide a “broad brush” overview of what renter’s insurance does. For specifics on what your policy does, and does not provide, please speak with your broker or agent.

Contents Insurance

The first thing that renter’s insurance does is protect your belongings. There are two major questions that you need to answer when arranging contents insurance.

1. How Much Insurance Do I Need?

This can be a difficult question to answer. After all, most people do not purchase all their belongings at once. We acquire them over time, some new, some second hand. It can seem like an impossible task to come up with how much you have spent on your “stuff”.

When figuring out the amount of insurance that you need – ask yourself the question, “If I needed to buy everything brand new, what would it cost?” Most renter’s insurance policies are based on “replacement cost.” Replacement cost means the amount that it would take to purchase what you had with brand new items.

Many people fall into the trap of thinking, “But my things are old; they are not worth that much.” That may be true, but when it comes to insurance ask the question: "What would it cost if you needed to go on a shopping spree and buy everything brand new?" When thinking of this, remember that most policies will allow you to purchase the same kind and quality as what you had. So, if that old couch is very well made you would be able to purchase the same quality of couch in the event of a claim.

Many insurance companies have a minimum amount of contents insurance that they will provide, for example, $30,000 is quite common. Would that amount be enough? It is a good starting point, but everyone has a unique set of belongings and everyone has a different set of needs.

One tool that is available is a record of your belongings. This can be found on SGI's website. While it is not strictly necessary to complete a record like this, it is a valuable tool in determining how much insurance you need.

2. What Kind of Insurance Do I Need?

Once you have determined how much insurance you require, the next question to ask is what kind of insurance best meets your needs. There are essentially two different types of contents insurance: a more basic form of insurance and more comprehensive insurance.


Named Perils Insurance

The first form of insurance is named perils. It has different names depending on the insurance company. It may be called Pak I or Broad Form. Each company has a different name. So please do not rely on the name, make sure that you understand what it actually provides.

As the name implies, “Named Perils” provides insurance for a specific number of perils. A peril is an event that is unexpected and accidental.

 Common named perils would include:

  • Fire
  • Lightning
  • Explosion
  • Smoke
  • Falling Object
  • Impact of Aircraft, Spacecraft of Land Vehicle
  • Wind/Hail
  • Water Escape
  • Vandalism
  • Theft


  • For a named perils policy to respond, one of the specifically listed named perils would have needed to occur. If something other than one of the specially listed things happened there would be no insurance. Named Perils policies often specifically define some of the terms and restrict what is, and is not, covered by them.

    Comprehensive Perils Insurance


    The second form of contents insurance is comprehensive insurance. As the name implies, this is a much broader form of insurance than is named perils.

    Named Perils Insurance specifically tells you what is covered, Comprehensive Insurance tells you what is not covered. It is often called all-risk insurance as it covers all risks except those specifically excluded.

    Typical exclusions would include:
    • Flooding
    • Seepage
    • Exclusions when the property is vacant
    • Pet Damage
    • Normal Wear and Tear
    There are some day-to-day advantages of comprehensive insurance over named perils.

    • The first is a philosophical difference. With named perils insurance the onus is on the insured (person who purchased the insurance) to show where something is covered. With comprehensive insurance that responsibility is shifted to the insurance company. Unless they can point to a specific exclusion, the insurance company must pay the loss.
    • Accidental Damage – Comprehensive Insurance typically provides insurance for accidental damage whereas named perils does not. For example, if a person dropped a big-screen television or spilled a glass of red wine on the couch most comprehensive insurance policies would provide coverage whereas named perils would often not.
    • Mysterious Disappearance  Named Perils policies typically cover if things are stolen, but not if they are lost. Comprehensive insurance often covers loss as well. If your diamond ring goes missing or the gem falls out of it comprehensive insurance would usually respond and pay the claim where named perils would likely not.
    • Smoke  Some named perils policies provide very restrictive coverage for smoke damage. Comprehensive Insurance provides much better coverage for things like candle smoke.
    So which policy is better for you? Comprehensive insurance is a significantly better policy than a Named Perils policy is. Typically, the price difference, on a renter’s policy, is not that much between the two. If your budget allows for it, we recommend Comprehensive Insurance.

    With renter’s insurance, as with most kinds of insurance, there are a few things to be aware of:
    • Insurance policies carry with them a deductible. A deductible is a portion that you must pay in the event of a loss. For example, if you have a $500 deductible you would be responsible for any amounts up to the first $500 of any claim.
    • Whenever you file a claim you can expect to see your premium increase.
    • Most policies have specific items that they put limits of insurance on. For example, there are maximums that will be paid out for things such as jewelry, stamp or coin collections, or bicycles to name a few. We recommend that you review these with your broker or contact one of our helpful insurance brokers at Campbell & Haliburton.

    Liability Insurance

    Liability Insurance protects you if others are harmed due to your negligence. Liability insurance has two “triggers” that they use.
    • Bodily Injury – Someone gets injured because of what you did or did not do. Suppose you are renting a house and are responsible for keeping the sidewalk shoveled and safe. But if someone slips on the ice and is injured you might be found by the courts to be liable. Your renter’s insurance provides liability insurance to protect you in this situation.
    • Property Damage – Provides coverage when there is damage to someone else’s property due to your actions. For example, if you are cooking and cause a fire the landlord might want you (or your insurance company) to pay for damages to their house.
    Liability Insurance is generally included in a renter’s insurance policy.

    A few things to think of:
    • Cost – In Canada, liability insurance on a renter’s policy is relatively inexpensive. Many policies provide you with $1,000,000 of liability insurance. However, the cost to increase this is generally very low. Since liability insurance is designed to protect you from potentially catastrophic events, we recommend increasing the amount of liability insurance.
    • The Fine Print Some liability insurance policies provide restrictions on when it will pay out. We strongly recommend that you speak with your insurance broker to ensure that you are aware of any limitations.
    Renters insurance is a relatively cost-effective way to not only protect yourself in the event the unthinkable happens.

    Are you ready for a personalized insurance quote? Our easy user-friendly website makes this both easy and convenient. Do you need more information? Please contact Campbell & Haliburton, one of our expert insurance brokers. If you don’t have an insurance broker and want to talk to someone who is truly passionate about your insurance, contact us at Campbell & Haliburton Insurance. We would love to talk to you.

    - Daryl Arendt, Office Manager & Licensed Insurance Broker

    Our Trusted Regina Insurance Agents at Campbell & Haliburton have your best interests and safety in mind and our commitment to customer service is one of the pillars of our business. We also know insurance inside and out, so please contact us for all of your insurance needs and we will be more than happy to help ensure what you value most is protected.

    Campbell & Haliburton's doors opened in 1957.  Since then, they have seen run-away inflation, recessions, and now, a global pandemic. Through it all, their doors have remained open as they are committed to providing outstanding service to you. No matter what the next years and decades bring they have committed to continue to stay open to serve you.

    Campbell and Haliburton Insurance are a Trusted Regina Insurance provider.

    They offer many different insurance policies to protect the most important areas of your life including:



    Trusted Regina COMMERCIAL Real Estate tip- Part 3

     How to Purchase Commercial Real Estate: PART 3

    Purchasing Commercial Real Estate: Identify the Right Property

    There are a number of factors to consider when looking for suitable commercial real estate to purchase. The old adage "location, location, location" is true for commercial properties just as much as it is for residential. But there are other issues at play, as well. Here are some things to consider:

    Location:
    This is still the No. 1 issue. You want to be close to your customers, your workers, and your vendors or suppliers. "You want to be convenient to customers to the extent that you have a business where the customer comes to you," Martin says. "But depending on the type of business, access to rail and highway and shipping lanes may be important, too."

     

    Physical condition: After identifying the general location, consider how the property was used, the wear-and-tear, whether there are any environmental issues or potential liability issues, such as asbestos or lead paint.

    Allowable uses: If your business is an accounting firm, you likely need commercial office space. If you are a manufacturer, you need an industrial space. Either way, you need to make sure the zoning allows you to do what you need to do on the property.

    Limitations on exterior or interior: Whether due to zoning laws or building codes or covenants, there may be limits to changes or alterations you can make to the property. A good example is a building that is in an historic area and subject to restrictions on changes that can be made to the façade.

    Adequacy of access and parking
    : You need to make sure your customers can park and take into consideration whether access is compliant with laws such as the Americans With Disabilities Act.

    Opportunity for expansion or leasing: Entrepreneurs often have a rosy outlook about growth and so the potential to expand is a consideration as is the flipside – if you don't grow as much as planned, can you lease out extra space?

     

    Part 4 coming soon!! 

     

    Trusted Regina Real Estate Agent shares House hunting tips

     House hunting tips:

     

    You have established your budget. You have been pre-approved for a mortgage. You have contacted a Real Estate Professional to assist you with the purchase of a home. Now the fun, and evaluation begins. You will probably be looking at a few homes before you decide on the perfect one for your family. Before you decide to purchase that home you have absolutely fallen in love with, be sure to be objective in your decision. On appearance alone, the fireplace, the new flooring, paint job and new carpeting create a warm and inviting feeling. Yet, is the home really that perfect? Take a deep breath. Take some time to think about the bigger picture of the home in terms of your needs. Carefully consider whether this home offers the features that will last beyond the first impression.

    Here are some essential factors to consider:

    Location is a significant factor in your choice of home. An established community, with a good reputation, a low crime rate and well-maintained homes, maintains home values. A garbage dump, industrious buildings disposing bad odours and major freeways surrounding your neighborhood are unattractive and disruptive to a peaceful lifestyle.

    Also consider availability and cost of access to public transportation, major roads and highways.

    Also consider the condition of public areas such as streets, sidewalks, parks and recreational facilities.

    Public services should also be established including street cleaning, snow removal, garbage collection, and emergency services.

    You will also want efficient access to medical services including hospitals, doctors and dentists.

    Be sure that schools and related school services are also within easy access.

    Recreational, shopping and entertainment needs should also be considered.  

     

     

     

    Trusted Regina Real Estate Agent tip on Packing tips

     

    Trusted Regina Real Estate Agent

     

     tip on 14 Packing Hacks To Make Your Next Move As Painless As Possible:

     
    Everyone you know is probably moving right now. 
     

    That’s because April, May, and June are the highest traffic months of the year for moving thanks to mild weather and college kids finishing school and finding post-grad housing.

    If you’re one of the countless people getting new digs this season, these 14 tips will make packing and unpacking less horrible.

    Get free moving boxes. If you're not the type of person to save big boxes, ask friends and coworkers if they have any spare ones you can use. A lot of people break down boxes and keep them, and they would be more than happy for you to borrow them.

    Furniture stores may also have a wide variety of box sizes for you to use. Ask if they recycle their boxes and if you can take them or buy them at a steep discount.

    Take a picture of how your electronics are connected before unplugging. This way, you won’t need to try and remember what goes where, and it will be easy to see how everything connects once you've moved in.

    Pack an overnight bag. It's common after a long day of moving to be too tired to unpack right away. Everyone should pack an overnight bag with toiletries, PJs, a change of clothes, and any electronics and cords you'll want immediately.

                                         Nail holes can be filled with soap. 

    Fill nail holes with a bar of soap. This is a simple hack that easily covers up any small nail holes. Rub the soap (Dove soap works well) in small circular motions until the hole is completely filled in. Then take a wash cloth and lightly rub off any soap residue from around the hole. 

    This tip doesn’t work as well with painted walls, but it works shockingly well for plain white ones. You can see a full tutorial here.

    Put the tools you'll need right away into a clear plastic box. This includes moving essentials like a box cutter, paper towels, trash bags, eating utensils, cookware, power strips, phone chargers, toilet paper, toolbox, etc. Using a clear bin will allow you to see everything that’s inside the box for easy access.

    Wrap breakables in clothing. There's no need to go out and spend money on bubble wrap or paper. Instead, put socks inside glassware and wrap shirts and sweaters around plates and other delicate objects. This way you save money and pack items you would've had to pack anyways in one fell swoop.

    Use sandwich bags for cords and screws. For those taking apart bigger objects like tables or beds, keep all the screws and nails in a labeled plastic sandwich bag that says "bed" or "dining room table" for quick assembly. The same goes for TV cords and cables.

    Keep clothes on hangers for fast unpacking. There's no need to pack hangers and clothes separately — stick them in a wardrobe box or into your suitcase with the hangers still attached. You'll appreciate this especially when you can take out all the hangers and have your closet come together super fast.

                                         Boxes should be packed by room. 

    Pack boxes by room. Knowing what box belongs in which room negates the need to go searching for items in other boxes. Just be sure to label the boxes correctly. 

    Leave your clothing in drawers. A drawer is a box with no top — leave your shirts, pants, and underwear in the drawers and take them out of the dresser or table. Wrap the top with cling wrap to keep everything in place until you reach your new home and then just sick the drawers back where they belong.

    Remember the physics of boxes. Pack small items in large boxes and large items in small boxes. The logic behind this is that heavy items are far more likely to come crashing through the middle of a large box. Also, pack heavier items at the bottom of the box and lighter items toward the top of the box.

    Books are the major exception. If you fill a big box with a bunch of small books, the weight is going to add up and the box is going to be too heavy to carry. Use medium boxes instead.

    Have any area rugs professionally cleaned before your move. They will return from the cleaners rolled, wrapped, and ready to be packed (plus, clean!).

                              Take a picture of your home before moving in. 

    Put a string underneath tape.  Leave a little tail of string hanging out at the end of the tape as you pack your boxes. It’s an extra step, but this will allow you to simply yank the string and rip up the tape when you’re unpacking, saving you time and effort looking for scissors or box cutters.

     

    Take pictures of your old home and new home all unpacked. If you’re renting, you should do this before and after moving in. That way if picky landlords or new tenants try to gouge your for a hole or a scratch, you’ll have a record of what the home looked like before and after.

     

     

    Previous Posts

    ADDRESS

    S & E Trusted Online Directories Inc
    TrustedRegina.com
    310 Wall St #209
    Saskatoon, SK   S7K 1N7
    Ph: 306.244.4150

    GET THE APP

    App Store Google Play
    Follow us on Facebook Instagram Linked In Twitter YouTube RSS Feed
    Abex
    Abex
    Stevies
    Sabex
    NEYA
    Website hosting by Insight Hosting