Start Planning
Planning for retirement can be a daunting and overwhelming task. Whether living in Canada, the Unites States or beyond, the needs to be considered when retiring are universal and essential. RetirementInCanada.ca offers a plethora of information with new articles arriving daily to assist, inform and guide you to a happy and fruitful retirement. There are many important decisions to be considered when planning your retirement and below are listed some general points to start your planning process.
Where You Would Like to Retire?
Once you have decided that it is time to retire, you will have to consider where you would like to live. The possibilities are global, but you will need to find accommodations that suit your individual needs.
Staying in your own home or moving to another location, be it larger, smaller or, frequently, warmer, is a popular option. Discuss with your financial advisor if this is a feasible option.
Another option is moving into a retirement or assisted living community, with a network of similarly aged couples and individuals. This provides a private atmosphere for those who would like to live on their own, but also allows you to share the joys of community living.
Similarly, retirement homes offer community, but provide on-site staff, cooked meals, and personal care.
We have assembled a directory of Retirement Homes, Home Renovators and Real Estate Agents to help you decide where you would like to retire and help you make that plan a reality.
One of the most exciting aspects of preparing for retirement is having so much free time to plan for! There are many great activities to get involved in, exotic places to visit, new skills to learn and hobbies that you never had enough time to pursue, all waiting for you. Plan long term and have extra money put aside so that your fund doesn’t get cut short. Even if you don’t plan on doing anything extravagant, you still want the best retirement possible.
Knowing what you would like to do with your newfound freedom and having goals you want to accomplish is important. Read through the articles in our How To, Electronics, Change the World and Travel sections for suggestions of hobbies, activities and volunteer opportunities.
As well, we have compiled a directory of Places of Interest, and Accommodations, to help you do what you want after retirement.
Pay off Your Mortgage and Major Debts
Most banks and financial institutions list paying off a mortgage as one of the best investments when preparing for retirement. Have a plan to pay off most or all of you major debts over the five years prior to retirement.
When larger payments are made on your mortgage, a greater return is given annually. By increasing the percentage paid on your mortgage, you will be saving hundreds of dollars in interest. This money can add up quickly, and is money that should be in your pocket. Raising your payment rate to the most you can afford for all major debts is one of the most financially sound actions to take when preparing for retirement. This will allow you to rid yourself of more debt, thereby offering you more funds to access throughout your retirement years.
If you are able to pre-pay on your mortgage, do so; more pre-payments made will translate to extra funds in the bank for later.
Please visit our directory of Mortgage Brokers, Finacial Planners and Financial Lawyers to help you plan retirement.
Have a Strategy for Investment
Once you have retired you will need to have money banked for the future. One thing to consider in the years before retirement is how much money you will need to save. In order to plan effectively, there are several things that should be reviewed. One of the main considerations when putting money away is the duration of the retirement. Another consideration to plan for is unexpected illness or injury. Healthcare expenses can quickly turn into a burden if preparations are not made ahead of time. Having a retirement savings plan and investment strategy will allow you to put additional money away or catch up when needed.
Companies frequently offer benefit packages and retirement plans that can be taken advantage of and provide much support when planning to save. Reviewing your benefit statement will tell you the total benefits and amount owned by you. You may also benefit from reviewing your Social Insurance Statement to determine the amounts owed to you, or to determine if there were mistakes made, which you could now benefit from.
Visit our Finance section for further information on planning for retirement. We have also put together a directory of Mortgage Brokers, Finacial Planners and Financial Lawyers to help you plan retirement.
A will is a legal document outlining the final wishes of a person after his or her death. A will often includes plans for the assets of the deceased, as well as funeral and final internment plans.
One should be aware that the reading of the will sometimes takes place after the funeral. It is, therefore, important to speak with loved ones ahead of time to discuss your final wishes.
Our directory of Finacial Planners, and Financial Lawyers will connect you with experts who can help you make the burden of your funeral easier for your family.
Services that are available for the elderly or disabled can be located using internet resources, such as our website, as well as through the yellow pages. Making sure that your personal needs are met while still living at home is a concern for everyone. There are many companies that offer live-in services, providing health care, transportation and a myriad of other services.
Please visit our directory of resources to get started preparing your future the way you would like it.