Life Insurance Vancouver | Your Income Is Not A Retirement Plan
Did you know that you can use life insurance Vancouver to protect yourself and your money from taxes. Thomas Chan is your go to financial service advisor who can help you build wealth, plan for retirement and set up life insurance Vancouver in Canada. He wants to help you Protect your money from taxes by using life insurance Vancouver products.
There are many reasons why people are not ready when it comes to their retirement stage in their life. A lot of this comes from misconceptions about what it takes to retire and how to do it properly. This is why Thomas Chan loves to sit down with clients and explained to them what the truths are and how to have a better mindset and a better life. He is even willing to share the 15 secrets of the taxman does not want you to know just by sitting down with him.
One of the things that people believe about retirement is that they do not need that much money when they retire. This is foolish thinking because they are not taking into consideration things like inflation or extra taxes. They are not even considering that their healthcare costs could go up drastically. When you think of living in a and of age home you might think it is not as much money as it is to do that.
But typically, the Living expenses are even more than when one was working. 82 is the average life expectancy age therefore you should plan for longer than that and never less. You might think that your spouse taking care of you is a good way to plan for retirement however if you look at the income levels of spouses, they are usually very unbalanced between them.
The problem with expecting you are supposed to take care of you is that maybe your spouse is the one who will need to be taken care. Your income might not even come close to your spouses and both of you will be in trouble at that point. The other thing to consider is that divorce rate is quite high sitting at 40% and greater than 25% of people are over the age of 50 when they get divorced. This is where you will need open communication to talk about what happens at retirement with your spouse.
You might plan on working much past the typical retirement age. This is not a good way too think of how to retire. Technology is always changing and that directly affects the work industry and the workforce. It is harder to catch on to the changes as you age and therefore you may be pushed out of the workforce much sooner than you think. It is also much harder when your health is not in the best it has ever been. And many people find themselves in this situation and they are no longer able to work as much or even at all.
Life Insurance Vancouver | Unexpected Healthcare Costs Affect Retirement
Thomas Chan is your financial advisor who can help you set up life insurance Vancouver plans. Did you know that taxes are the single biggest expense that families face since the 1960s. Thomas Chan will help you get a better mindset and a better life by using life insurance Vancouver products to help protect you from too many taxes being taken from your income. He wants to help protect your income and your wealth but also grow it. He is found that using life insurance Vancouver is an effective way to do this.
Knowing that your money will outlive you should give you a peace of mind when it comes to retire and when it comes to giving an inheritance to your children. You want future generations to be well taken care of and not just yourself. Thomas Chan will show you what you need to do to have a vibrant and abundant retirement as well as take care of the next generation.
Some things that need to happen first is for you to get clarity on what it takes to retire and some misconceptions around it. You might think that you can just continue working well into your retirement age but that is a false sense of reality. Technology is always changing and the workforce and industry change with it. It is harder to learn as you age and therefore you may not feel as comfortable staying in the workforce.
You may also have a boss or ownership changeover making it harder for you to stay in that job. It is better to have a retirement plan that is separate from your income. The other part of this is that you may not be able to work as much because of your health if at all.
Thinking that your spouse will take care of you for your retirement is not only selfish but risky. The income levels between spouses are not usually very balanced and the one who makes more might not even be working at the retirement age. The divorce rate is also above 40% you may not even have a spouse when it comes time to retire. It is best if you have open communication on this topic with your spouse so that there are no extra surprises when it comes time to retire.
Expecting your children to take care of you and your retirement is also very foolish. They will likely have financial strain of their own and it might be impossible for them to carry the financial burden of your retirement. Again, you want your money to outlive you and set up for future generations being well taken care of.
You might say that you do not need that much money when you retire but if you do not plan for it you are planning to be poor. Because of inflation, taxes and unexpected healthcare costs you will need to plan for more than you think when it comes to retirement. The life expectancy average is 82 years old so you also need to plan for past that age.