Retirement Planning Vancouver | Great Retirement Facts
Retirement planning Vancouver can be a lot of fun. If people have the right information. And then advisor like Thomas Chan, that will explain things in plain English. And help them understand what they need to know.
Thomas Chan has been helping people with their retirement planning Vancouver for years now. And has come across many misconceptions. That have people making the wrong plans.
In order to help more Canadians retire. In the fashion that they deserve. He wants people to know common misconceptions. That they can avoid believing. And what they should do instead.
One of the most common misconceptions he comes across. In his retirement planning Vancouver practice. Is from people believing that they do not need. To start saving yet for their retirement.
This is often from people who are quite young. Who are more concerned about more immediate problems. Such as paying off their student loans, credit card bills. And saving for a down payment on a mortgage.
Once they have a home, it is saving for their mortgage. Or putting aside money for their children’s post secondary education. It never seems to be the right time says Thomas Chan. To put time and consideration into retirement planning Vancouver.
However, it is better for person. To start saving a small amount of money now. Then it is for person to triple that amount of money. Later in life. Because compound interest, is going to multiply the money quickly.
And even if people start saving. A small amount in their twenties. They are going to have a huge head start. Over and above people who are saving a thousand dollars a month in their forties.
As well, many people do not know how much money. They need to have when they retire. Therefore, they do not know how much they need to save every month for retirement. Many people think that there going to be spending less money.
When they retire, and the statistics actually support this. Canadian statistics show that the average person. Spends about 70 to 80%. Of what they do before retirement. Once they have retired.
However, Thomas Chan says retirement planning should not count on that. Unexpected things can happen. Like inflation or taxes. But most likely, unexpected health costs are going to eventually come up.
Rather than planning on spending as much money. People can plan on spending as much money as they do now. And if they do not need to use it. They can put it back into savings. Or, do something fun with it, such as a great vacation.
Even though many people do not want to think about retirement planning says Thomas Chan. A little bit of thought now. Can save people from heartache, when they get to retirement age.
And realize that they do not have enough money to live. And they are forced to work, or they will not have a place to live. And people are ready to work with Thomas Chan and his team. All they have to do is pick up the phone, or send an email. To arrange a consultation.
Retirement Planning Vancouver | Wonderful Retirement Facts To Know
While many people might dream about retirement, putting together a retirement planning Vancouver document. Seems challenging, and not as fun. Many people want to think of their life after they finish working.
As having a lot of time for leisure activities. Such as golf, or going on vacations. And pursuing many of the hobbies that they enjoyed. But have a lot of time for during their earlier years of life.
These are some of the things that they should take into consideration. When they sit down with Thomas Chan to do some retirement planning Vancouver. The reason why, is because many people think that they are not going to spend.
As much money when they retire, as they do now. And while that makes sense, people will usually have their car payments paid off. As well as their mortgage paid off for their retirement planning Vancouver.
That does not mean, that they are not going to want to spend money. In addition to potentially having unexpected health costs. Such as medication, or treatments. The longer people live, the more likely it is going to be.
That they will end up with health concerns that are going to cost money. But also, even if they have no health concerns. They are probably going to want to spend money, doing fun things. Like going out on vacations.
Perhaps there going to want to go well thing every other day. And that is going to cost money as well. They should not plan to sit in their home and do nothing. They should have as fun a retirement, as they deserve and want to have.
When people sit down with Thomas Chan, they often believe. That they are not going to spend that much money. Or, they also mistakenly believed says Thomas. That they will have other supports in their life.
They think that their children, or their spouse will support them. And while this is a lovely idea. It does not always work. For example, if a person is not able to put together. Enough money for their own retirement planning Vancouver.
What makes them think that they are going to be able to depend on their children to support them. do they think their children will be more financially secure than they are? And as for their spouse, this is only if everything works out perfectly.
What if their spouse lose their job and is a viable to work. Or, Thomas Chan does not like bringing up the fact. That 40% of Canadian marriages end in divorce. They may not have a spouse to depend on when they retire.
As well, rather than counting on support from children or spouses. It is far better for people to put together an effective retirement plan. And have money set aside, so that if they do have support.
That is great, but if they do not. People will still have the money they need. To live, and be taken care of for as long as they live after retirement.