Retirement Planning Vancouver | Dispelling 3 Retirement Myths
There are a lot of misconceptions regarding retirement planning Vancouver. That causes people to save improperly for their retirement. There are ways to save properly for retirement. And by knowing what to avoid.
Can help people ensure that they will have the nest egg that they need. To live a fantastic lifestyle. After they retire from working, and are living the rest of their life. One of the first things that Thomas Chan says people should avoid doing.
Is understand exactly how much money they are going to need for their retirement. People often mistakenly believe. That their expenses are going to go down after retirement. And while this is often the case, with no car payment. People have often paid off their mortgage.
They also likely are not going to have expenses from children, and that type of thing. That does not mean they are not going to have any expenses either. Why should people plan on never going on vacation or eating out.
When they start their retirement planning Vancouver. They should plan on things like having vacations. Going out for dinner, and enjoying life. They do not have to have a lavish lifestyle. But planning for a few extras, will make their retirement fund.
As well, something else that many people do not plan for. When they start their retirement planning Vancouver, is that they do not take into consideration. They are likely going to encounter at least some unexpected health expenses. If they get sick, or injured.
As well, if they need to go into a retirement community. Their expenses are also going to go up. As well, Thomas Chan says people should automatically account for things like inflation, and taxes.
So that they are not caught with too little money. In the twilight of their retirement years. Another misconception that people should not believe in. When they start their retirement planning. Thinking that their children are going to support them.
While this is a nice thought, people should not count on this. Because children are often going to have their own financial struggles. If you yourself has not been able to put together enough money to retire.
What makes you think your children are going to be more financially secure? While this is nice if it happens. People should not count on their future, riding on their children. Being more successful than they are, and supporting them through their retirement ages.
Another misconception that people have. Is that their spouse will take care of them through their retirement years. While this is a nice thought for retirement planning Vancouver. If their spouse gets sick, or dies suddenly.
They are not going to have this as a fallback plan. As well, 40% of marriages end in divorce. And many of them and, after retirement. Rather than counting on another human being. To take care of you during retirement. Plan on having enough savings. So that if you do have some and taking care of you.
The money that you have saved up, will simply be a bonus. If people have more questions about their retirement planning. They should talk to Thomas Chan and his team. To find out the right information. And start their tyrants plan today.
Retirement Planning Vancouver | Dispelling Common Myths About Retirement
People often are misinformed about retirement planning Vancouver. That leaves them with not enough money. Or having made financial mistakes. And not being ready to retire, when they thought they would be ready.
A common misconception is that people do not think they are going to need as much money for retirement. Because they plan on working throughout their retirement. They believe that since they will still be earning an income. They are not going to need as much savings.
Or they think they are going to be able to have enough, with their old age pension. And their part-time job. However, people may not take into consideration. That they may not work when they are of the tire meant age for many reasons.
The job that they currently have, may not need them anymore. The company may not exist. Or the job could have been downsized. Or, sent to workers offshore. As well, people may not have the ability to work as they once did.
While working is a great plan for retirement says Thomas Chan. It should be in order to help people have happiness and fulfilment in their life. And not to be used to count on, to sustain their lifestyle. Rather than counting on working.
People should plan on retiring. And if they choose to work, that is going to be a bonus. Something else people should do when they are working on their retirement planning Vancouver, is not count on the equity in their home. Many people think that there going to be able to use the equity in their home to fund retirement.
And while the reason why people purchase homes, is to have equity. People should not count on the equity in their house. In order to fund their retirement activities. First of all, oast people do not want to move when they retire.
There home is comforts. And they love being in it, nobody wants to start their retirement. By having to move out of place that they have lived their whole life. But also, it is not a great plan for retirement.
Simply because if the market is not as positive as it is now. For example, there is a recession. Or if the housing market is not increasing the way it is expected to. Then people will not have the equity they expect.
Rather than counting on equity in their home for retirement planning Vancouver. People should save up enough money. By starting early, and continuing. Allowing compound interest to work its magic.
And then, if they decide to sell their home during retirement. Then they will simply have additional funds. If you have any other questions about retirement planning Vancouver. Thomas Chan, and his team be happy to field your questions. And get you on the right track for retirement.
Call or email Thomas Chan and his team. They will be more than happy to facilitate a meeting, where you can discuss all important retirement plans. They will put together an action plan that you can start today, to get you on the right track.