Retirement Planning Vancouver | 3 Retirement Myths To Avoid

Even though everybody knows they are going to retire, and will need to do some retirement planning Vancouver. They often do not know how to do a proper retirement plan. Or, underestimate how much money they will need when they do retire.

Retirement Planning Vancouver

There are many reasons why they think they are not going to need as much money. Or that they will have time later in life to save. One of the first misconceptions that Thomas Chan runs across.

When they do their retirement planning Vancouver with clients. Is from people thinking that they are not making enough money. To be able to start saving for retirement now.

Many people when they are in their twenties, are just trying to get on their feet. They are worrying about more immediate problems. Such as paying rent or credit card bills. As they get a little bit older.

They might be trying to save money. For a down payment on a home. And later, there saving for their children’s post secondary education. While all of these things are important to save for mitts Thomas Chan.

People also need to put some time and attention into retirement planning Vancouver. Otherwise, they will end up at retirement age. With no savings to speak of, will leave them in a very desperate place indeed.

Even if people have a little amount of money. When they first start working. They should start putting some of that aside now. Even a small amount, saved over a long period of time. Will have compound interest, and can multiply quite fast.

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In fact, someone saving a little bit of money in their twenties. Is going to be far that are off. And someone who is tripling that money, in their forties. When they finally get around to doing their retirement planning.

Another misconception that Thomas Chan hears. When he sits down to do retirement planning Vancouver with his clients. Is from people thinking that they are going to get enough money. From their Social Security.

To pay for what they need when they retire. Just because people pay into the Canada pension plan. Or they are counting on old age security, that does not mean they are going to have enough money. To live off of that amount when they retire.

In fact, the Canadian government has gone on record. By saying that the CPP and OAS are only designed. To cover about a third of a person’s expenses. When they retire, leaving Canadians in a position. To need to come up with. The other two thirds of what they need for retirement on their own.

Therefore, when people are looking to put together the right retirement plan. So that they can cover the rest of the 67% they need. To pay for expenses when they retire. They are going to have to start saving now, and figuring out. How much money they will need when they retire.

When people want to do a proper retirement plan. They should sit down with extremely knowledgeable, and down to earth financial advisor Thomas Chan. Thomas and his team will help people understand what they need, in their golden years.

Retirement Planning Vancouver | 5 Retirement Myths To Avoid

There is a lot of misconception about retirement planning Vancouver. And many people misunderstand. And simply do not know what they need to know. In order to have enough money for their retirement.

A common misconception that Thomas hears is that people do not think. They need to save immediately for their retirement. They think that they will have more time in the future. Or it has not been impressed upon them by their parents.

That the sooner they start saving. The less money they are going to have to put aside. On a monthly basis for savings. People should get into the habit of putting money aside for their retirement. So that they do not reach middle age.

And realize that they did not put enough money into their savings account. Another misconception that people have is thinking that they are going to get an inheritance. From their parents when they die, while this is a nice thoughts.

Many parents are not considering how much money they need in their own retirement. Therefore, their spending their savings. And leaving children, without an inheritance.

Thomas Chan believes that people should not have their retirement planning Vancouver. Hinge on the actions of someone else. Because if it does not happen. Then people will be left without a plan.

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A third misconception is that people think they are going to be able. To use the equity in their home when they retire. This is not effective retirement planning Vancouver either says Thomas Chan.

This plan counts on the housing market increasing. It also counts on it not being a recession. Which happens every 4 to 6 years. And finally, this plan counts on a retired person. Selling their home and moving, as soon as they retire.

Rather than counting on the equity in their home. People should diversify their money. To safeguard their retirement. People should not be expected to sell their home. In order to retire.

Another misconception that people have. Is that they plan on working throughout their retirement. So they do not think they need to save anything. For many people, their job is so important to them.

It is their identity, it is their joy. And it fulfils them. Therefore, they cannot conceive of the future. Where they are not at work. However, this may not always be the case. A change of management. The company being sold could change this.

Where work is no longer fun. Or, people might end up with a health concern. That forces them into retirement. If they plan on not working. Then, it can be up to them. To continue having a job, because they love it. And not because they needed to sustain their lifestyle.

There are many things to take into consideration. When putting together the best retirement planning Vancouver document. By sitting down with Thomas Chan and his team. People can find out the truth, and put together the best retirement plan for themselves.