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.

Credit Ratings

by Jeremiah Worby

We’ve all heard the stories from someone we know (though we may or may not like that person) about having been a victim of some form of identity theft.  Identity theft can drastically affect your credit rating, and your credit rating affects almost everything in your financial world.

Whether you’re looking to apply for a credit card, take out or renew a mortgage, get a car loan, or want to borrow a million dollars from that loan shark down the street, your credit rating will greatly impact the interest rate which you might receive for such loans.

There are two major players in the credit rating world of Canada – those being Equifax and TransUnion.  You can, and we suggest you do, go to both these websites and sign-up for their free service to check your credit scores.

Equifax

Directly from their website, Equifax states:

“We are a global data, analytics, and technology company. We believe knowledge drives progress. Our unique data assets, technology and analytics transform knowledge into insights to power decisions that move people forward.”

Here’s a wonderful and short read [they claim it’s 2 minutes but I think it’s way more like 3 minutes :)] from Equifax about what impacts your credit score.

https://www.consumer.equifax.ca/personal/education/credit-score/what-impacts-credit-score/

TransUnion

Directly from their website, TransUnion states:

“Our mission is to help people everywhere access the opportunities that lead to a higher quality of life. By helping organizations optimize their risk-based decisions and enabling consumers to understand and manage their personal information, we empower both to take their destinies into their own hands.”

Here’s a true 2 minute read from TransUnion about 5 factors that affect your credit score.

https://www.transunion.ca/what-affect-credit-score?

Find Out More

Whether you’re 20 years old or 50 years old, credit ratings are of utmost importance. Contact Worby Wealth Management to help fix your credit score and set you on the path to success!

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

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

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.

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: 

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

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.

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way.  At Worby Wealth Management, Chris & Jeremiah Worby will do their best to help you achieve those dreams with a plan that is tailored to your specific needs and based on your individual situation.

Expert Financial Advice Regarding Retirement.

Retirement Considerations

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.

Income*

 
Old Age Security (OAS)

The OAS pension is a monthly pension payment payable to eligible individuals.  OAS pension benefits are considered taxable income. To be eligible for full payment, you must:

• be 65 or older

• be a Canadian citizen or legal resident of Canada at the time of application approval

OR

• if you no longer live in Canada (a non-resident), you were a Canadian citizen or legal resident of Canada on the day preceding the day of departure from Canada

• have lived in Canada for a minimum of 10 years (or 20 years for non-residents) after reaching age 18

Individuals who have lived in Canada for 40 years after the age of 18 are eligible for 100% of the OAS pension benefit.

Canada Pension Plan (CPP)

CPP program benefits, except for the death benefit, are indexed annually for increases in the cost of living.  In order to receive CPP program benefits, eligible individuals must apply.  Benefits are not automatically paid once someone reaches the age of eligibility.  Applications are accepted via two methods; online through the My Service Canada Account, or via paper forms mailed to the applicable Provincial CPP office.

You can start receiving CPP as early as age 60 (at a reduced rate) and as late as age 70 (at an increased rate).  The maximum CPP payment in 2022 is $1,253.59 a month.

Tax Free Savings Account (TFSA)

The tax-free savings account (TFSA) provides a way to earn investment income tax-free.  Whereas other registered accounts allow the deferral of tax on income earned within the plan; the TFSA is unique in that any investment income earned within the plan is tax-free when it is withdrawn.  In order to open a TFSA account, you must have reached the age of majority, defined as age 18 or 19, for the province or territory in which you live.  The types of investments permitted in a TFSA include cash, mutual funds, securities listed on a designated stock exchange, guaranteed investment certificates (GICs), bonds, and certain shares of small business corporations.

The annual TFSA dollar limit was established at $5,000 in 2009, the year that TFSAs were introduced as a registered account.  Any unused amounts are carried forward to future years.  The $6,000 contribution room for 2022 means the lifetime contribution limit is now $81,500.

Registered Retirement Savings Plan (RRSP)

A registered retirement savings plan (RRSP) is a type of registered savings plan set up underthe Income Tax Act and registered with the Canada Revenue Agency.  An RRSP is not an investment; you cannot buy an RRSP. Instead, an RRSP is a registered investment vehicle within which investors can deposit various types of investments.  In order to contribute to anRRSP, an individual must have earned income.

The growth of money invested inside an RRSP is not subject to tax until it is withdrawn.  In other words, the tax payable on investment growth is deferred until the future.  Since income earned inside an RRSP is tax-sheltered, RRSP investments grow much faster than non-registered investments held outside an RRSP.

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.

*Source: Canadian Investment Funds Course

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

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

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

Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way. At Worby Wealth Management, Chris will do his best to help you achieve those dreams with a plan that is tailored to your specific needs and based on your individual situation.

Let Trusted Regina Financial Adisir Chris Worby of  Worby Wealth Management help you live your dream!

Using a Safety Net:

Worby Wealth Management a Trusted Regina Financial Consultant talks about your Emergency Fund.

Say in the same month you have your water heater go, your car needs $2500 worth of work and you have to take an emergency trip to see an ailing relative. Where is that money going to come from? Many people know we should save a few months’ worth of expenses for the ‘just in case’ times but very few people know how to.

• How much money should be in an emergency fund?

• How to build one

• How to use it for annual ‘fun’ items I’ve heard it said that you should have 3 to 6 months’ worth of expenses handy on a ‘just in case’ basis.

I generally think a dollar amount is a better idea. Think of how much makes sense for you but a good guideline is somewhere in the $10,000 to $15,000 range – that is enough money to deal with most household’s finances for a couple of months in the event of job loss or such but still allows for funds to go towards longer terms goals like retirement.

Building one can be difficult but really, the best way is to set up a high interest rate account separate from your regular chequing account and send money there from every paycheque. Now that you know what your goal amount is, you can target that and, if you want to go from $0 to $10,000 over the course of 4 years, it’s going to be $2500/yr or about $100/bi-weekly. It may take some time to build this up so I often recommend using tax returns or some other once a year source of funds like bonuses to get this done more quickly.

Finally, I get asked how to budget for an annual trip or some such pretty regularly – this fund can help. Say it’s established and you are ticking along just fine at around $12,000 and you have decided this is good for your household. Once that fund gets above that amount, you have spending money! Say you want to take the family to Mexico during the winter every now and then, whenever you have $17,000 (if it costs $5000), you are free to go. Emergency funds, they are helpful and very few people have them. Give me a call or email and we can figure out how to get one up and running for you.

Chris Worby is a Trusted Regina financial advisor and Wealth Management consultant servicing local Regina households and businesses since 2001.

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

• Insurance Advice
• Investments
• Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

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

Another one of those great businesses to join the Regina Directory of Excellence is Worby Wealth Management, the first TRUSTED REGINA FINANCIAL ADVISOR to be featured on the REGINA DIRECTORY. Let's tell you all about Chris Worby and why he deserves the Thumbs up! 

Choosing Worby Wealth Management to help you plan and live your dreams means you have someone who sees the person behind the numbers. Chris Worby is the kind of financial guy who knows the math behind investing but who recognizes that understanding the people he deals with is the real key to being a successful financial planner. Chris believes that clients should have more than a 'Hi' and 'Thank You' and a bunch of copies of paperwork after meeting, rather that there should be a true consideration of their client's goals and how to achieve them...the paperwork is the formal part! Chris has been in the REGINA Financial Services industry since 2001..,..just in time for 9/11, accounting scandals like Worldcom and Enron, and the end of the dot com bust so you know you are working with someone who has seen the rise and fall of the financial markets. He came along this profession the old-fashioned way as both his Dad and Grandfather were in the business making him a 3rd generation financial planner.

As one of TRUSTED REGINA's FINANCIAL ADVISORS Chris also gives actual advice...meaning that he will listen and provide alternatives but he that he ultimately strives to give sound recommendations he can stand behind. Speaking of standing behind, he also doesn't bring just any financial product or manager in front of his clients, he takes the time to consider each one thoughtfully and determine if it's a solid option.

When we spoke with Chris' clients in the verification process, the feedback was impressive, click here to read what they had to say. The general consensus is proof that Chris does take the time to know his clients and that he cares as much as they do about their dreams. And really, you couldn't ask for more than that in a TRUSTED REGINA FINANCIAL PLANNER, could you?