Important Matters to consider for Seniors and their child

Planning your future,

I am not a financial planner or mortgage broker but through my 25 years of experience in the Real estate industry I have discovered and learned many interesting things from others and their experiences.

Retirement living is not free, but it is affordable. It is best to plan early and save for your retirement so you can maintain your quality of life. At first glance, some retirement home options may seem quite costly. However, if you consider your current expenses, you may find that there is little difference.

Here are some things to consider in your financial assessment:

Level of savings and investments available
If you'll be selling a property, will the proceeds from the sale be used towards your retirement?
What is included in the retirement residence costs food, outings, activities, amenities, etc. and how much do you spend on them now?
You may qualify for government-funded home care services to ease the costs of additional fees

Advisers are suggesting we look at retirement as a three-stage process, with different financial requirements.

The first stage covers roughly 65 to 75 years of age, when we are generally active and healthy and we get to live some of our dreams.

The second stage sees us staying closer to home, often with a spouse experiencing declining health and requiring some home care. In the final stage, one or both of the partners requires the 24-hour nursing care provided by long-term care facilities.

Do you have a financial advisor? Talk to them for clarity and guidance.

Next most value professional: A Lawyer.

Seek legal advice. Whether you are selling or not it is imperative you have a will and you have an appointed a power of attorney. There different types “Continuing Power of Attorney” or “Guardian of Property”. Make sure you know your options. Don’t leave it undone. It is not complicated or expensive but it is imperative.

Here is a great website to answer some of your question http://www.seniorsinfo.ca

For more guidance from Julie Wilson call her direct at 519-584-5512. Be prepared informed and ready don’t wait for a crisis situation.

Please add to this your experiences or more information if you are a financial planner or a legal practitioner.