Retirement Planning Vancouver | Exposing 3 Retirement Myths

Many people make mistakes with their retirement planning Vancouver. This leads them to not having enough money when they do retire. However, it is very easy to set up a consultation with Thomas Chan. And learn how much people need to save. And how much money they ultimately need to retire.

Retirement Planning Vancouver

Many people look forward to retirement, as the time they get to. Quit work, and enjoy life. However, a common mistake that they make according to Thomas Chan. Is that they think that they will spend less money. Once they retire, however this is not always the case.

While it may be possible. That people are going to spend less money. Because usually, their mortgages will be paid off. They will have no car payment, and they will not be paying for things like child’s schooling.

Also, if they were thinking ahead. They would also have planned to have their credit cards paid off as well. And while this means they might have less expenses. Or fewer expenses when they retire.

People should also not plan on spending less money. They should plan to have a retirement that is enjoyable. Their retirement planning Vancouver should also account for things like going on vacation. Or eating out once in a while.

Not only that, but Thomas Chan says they should plan on unexpected expenses. Such as inflation, taxes. And very unfortunately, plan on having unexpected health costs. As while people are living longer as they age.

They also are more likely to run into health problems. That are going to cost money to overcome. As well, if they have so many significant health problems. That they need a nurse, or to go into assisted care facilities.

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Their living expenses are in fact going to go up. Therefore, people should plan on having. Just as much money if not more when they retire. Because if they do not need the money. Then they can use it, for living a wonderful life.

Another myth that many people believe about retirement. Is that they are going to continue working through their retirement. So they do not need as much money. While many people love working past their retirement age.

There retirement planning Vancouver should not count on it. If they are unable for any reasons to continue working. Such as they have lost their ability. Due to health concerns, or their company may shut down, leaving them with no job.

While people should plan on working past their retirement age. If that is what they want to do to keep them happy and fulfilled. Then certainly, it can sustain their lifestyle. But people should not count on it as part of their retirement planning Vancouver.

By planning to have enough money. If they decide and are able to work after retirement age. That is simply going to be a supplement to their lifestyle. And something that they do, simply because it makes them happy.

If people have any more questions about retirement planning. Thomas Chan, and his team will be more than happy to answer any questions. As well as put together an actionable retirement plan. That people can start working on immediately.

Retirement Planning Vancouver | Exposing Three Retirement Myths Today

There are many misconceptions about retirement planning Vancouver. If people mistakenly believe these myths when they are younger. They may not save enough money. Or start saving early enough in their life. Which will leave them with less money than they need when they do retire.

One of the most common myths that, Chan encounters when talking to people about retirement planning Vancouver. Is that many people think that they are not going to need so much money to retire.

They think that they will get finances from their parents through an inheritance. Or, they think that their children will support them when they are older. The reason why they should not count on these two scenarios, is quite simple.

A common problem is that many older people. Have not properly planned for their retirement already. Which means, they will have to draw on their savings. That they put aside, in order to live.

If a person’s parents have done the same thing. They will be using up their savings. In order to live, and there might not be an inheritance, when they pass away. As well, they should not count on their children for retirement planning Vancouver.

Simply because if they are not able to save enough money to retire. What makes them think that their children. Are going to be more financially well-off than they are. By planning to save enough for retirement now.

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People are not going to have to count on other people. And they will be able to know, that they have enough money. To retire comfortably. And have a great lifestyle, when they no longer wish to be working.

Another misconception that people believe. When they are doing their retirement planning, is thinking that they are going to have enough money. Through their Social Security benefits. Whether it is Canada pension plan, where old age security. People think that is going to be enough.

To sustain them when they retire. They think that they will have fewer expenses. Once they pay off their car, credit cards and home. That they will be able to comfortably live on the money they get from social assistance. However, this is not true at all.

Not only has the Canadian government, out on record and said. That CPP or OAS is only going to account for. About a third of what a person needs to retire. People should not count on their expenses going down when they retire.

Because, they should want to go on vacation. Go over dinners, and they might encounter increased healthcare expenses. Which means even though they have fewer expenses than they did as a younger person.

They will be paying more in healthcare, and so they will need more than CPP or OAS can give them. If people would like some more help on proper retirement planning Vancouver. Thomas Chan and his team will be more than happy to help. Contact them for consultation and learn what you need to do. To retire comfortably.