Retirement Planning Vancouver | Avoid Believing 3 Retirement Myths
There are so many misconceptions surrounding retirement planning Vancouver. That many people, do not take the time to speak to a financial advisor. And find out the facts, simply assuming. That they will have time to save enough money later in life.
As well, many people are worried when they are young. About immediate problems, like paying credit card bills. Or saving up for a home. Once they get a little bit older, they worry about making mortgage payments. And putting enough money aside for their child’s post secondary education.
Everyone always thinks that they are going to have more time to be able to save. More money for their retirement when they are older. However, they get later in life. And realize, that they do not have enough money, and they are out of time.
Therefore, Thomas Chan says more effective retirement planning Vancouver. Is simply putting away a small amount of money. Early in life, and allowing compound interest to work its magic. People will be surprised to see how quickly that money can grow.
Putting aside even a small amount of money now. Means that people do not need to put aside so much money. When they are older, and they have. More pressing financial concerns to deal with.
If they think it is hard to put a small amount of money aside now. It is going to be even more difficult says Thomas Chan. To put three or four times that amount of money aside. Ten or fifteen years in the future.
Sending out that people should take into consideration when doing their retirement planning Vancouver. Is plan on spending. The same amount of money then, as they do now.
Many people mistakenly believe that expenses are going to decrease. As they get older, and while studies show that typically, retired people spend 70 to 80% of their current income. Once they retire, Thomas Chan asks people.
Why would they want to spend less money? They should be enjoying their twilight years. By going out for dinner, going on vacation. And simply enjoying life. And while yes, they often have fewer expenses.
Such as no more mortgage payments, no paying for their child’s schooling. And being finished with credit card payments, and car payments. This does not mean they are going to have fewer expenses.
Example, there likely going to have more health concerns. As people are living longer. They start to develop health concerns. That need medication, or attention from healthcare providers.
As well, if they are unable to take care of themselves. They are going to need to go into assisted care facilities. Or hire a nurse, and even though they have fewer expenses. These additional costs, should be taken into consideration.
Finally, there is always inflation and taxes. That are going to need to continue to be taken off of people’s expenses. And that is only going to increase into the future. Rather than saving less money than people need.
Contact Thomas Chan and his team, for great retirement planning Vancouver. And not worry about what is going to happen in the future.
Retirement Planning Vancouver | Avoid Believing These Common Myths Today
Many people look forward to retirement, but not to retirement planning Vancouver says Thomas Chan. People think that they are going to have a beautiful life. When they stopped working, having lavish vacations. And spending all of the time they want with loved ones.
And while this is a great dream, it is not a reality for people who fail. To do the proper retirement planning Vancouver. Many people have misconceptions about how much money they need.
When they retire, or think that there going to be able to save more effectively. When they are older, and they end up. At falling short of what they need, to have a beautiful life when they stop working.
However, a common problem for many people. Is that they believe that they are going to be able to continue working during retirement. Work gives them a lot of satisfaction, and it fulfils their life.
And so they cannot foresee themselves. Wanting to stop, and so they think. Since they will be working throughout their retirement. Money is not going to be a problem. And they do not do proper retirement planning.
Unfortunately, people should not plan their future. On being able to work in definitely into the future. Perhaps the company that they are working with will not exist twenty or thirty years into the future.
They might not be healthy enough to work. Or, after working for that long. People are ready to retire, and leave that working lifestyle behind them. There are many things that could happen.
And people should not hinge their entire future. On hoping that there going to feel like, and be able to work. Several years after their retirement age comes and goes. Rather than counting on that, Thomas Chan recommends.
Being an appropriate retirement planning Vancouver. So that if they decide to continue working throughout retirement. They should do so, because it makes them happy. And not because they need to, otherwise they will end up homeless.
Another misconception about retirement planning Vancouver. Is that there going to be able to use the equity in their home. Once they retire, and so they do not need to save money. This means there going to have to count on several things happening.
For example, hoping that there is not a recession when they retire. Since there is a recession about every 4 to 6 years says Thomas Chan. If people are in a recession when they retire.
They are not going to have the equity that they hope for in their home. As well, this plan also counts on the housing market increasing. At the rate that it is currently increasing, it is not always going to happen.
If it is a downmarket, people can end up with a shortfall. In the final problem with this says Thomas Chan. Is that it counts on people selling their home and moving. Right when they get to retirement age.
Most people want to stay put, and enjoy their life in their home. Do not plan your retirement. On throwing your life into a payroll, in order to make it happen.