Retirement Planning Vancouver | Truth Behind 3 Retirement Myths
There are many things that people believe incorrectly about retirement planning Vancouver. Thomas Chan says that means that they end up with not enough money saved. When they get to retirement age, and are left. Without a lifestyle that they wanted to lead.
Whether people do not save enough money. Or they do not save money soon enough. There are reasons why they believe what they do. However, the sooner they can meet with Thomas Chan and his team. The sooner they can put together the best retirement planning Vancouver.
So that they can retire with enough money that they will need. To have a great lifestyle, well past their retirement age. One of the first things that Thomas Chan says people need to understand.
Is how much they are going to need to have when they do retire. So that they can have the lifestyle they desire. Many people think that they are not going to need that much money. When they retire, because there is expenses will be very minimal.
And while this might be the case, they often will not have credit card bills. They will have paid off their car, and there likely. To not going to have any mortgage payments anymore. And studies also show that retired people.
Usually spend 70 to 80% of what they did before they were retired. Which means there is a good indication says Thomas Chan. That people are not going to need as much money. As they do now to live.
However, they should not count on that in the future. Because there are several circumstances. That could cause them to need even more money. Such as inflation, taxes. But most importantly, unexpected health costs.
The longer people are living, means the more likely they are going to develop. At least some health issues, that will require. Ongoing care, medication. And in some cases, some people need a live-in nurse.
Or they need to enter into assisted-living facilities. If this is the case, they are likely going to be spending. More money than they do now. Even though they do not have a lot of the expenses. Such as mortgage, and car payments.
Rather than making retirement planning Vancouver work only if they do not get sick. Thomas Chan says it is a better idea to put together retirement planning Vancouver to utilize as much money as you do now.
And then, if the unexpected does not happen. Then people will have additional money, to do whatever they like with. Another misconception that people have when they retire. Is thinking that there going to work throughout their retirement.
Therefore, they will not need to save as much money. Again, this brought harm and planning Vancouver counts on. No unexpected health concerns. If people are not able to work, because of an injury or health problem.
Than they are going to need the money that they should have saved for retirement. If people choose to work, passed their retirement because it makes them happy and enjoy it. That is great, but retirement plan should not count on it.
Retirement Planning Vancouver | Truth Behind Retirement Myths To Know
Many people do not know how much money they need for their retirement planning Vancouver. They think that they are going to need very little money. Because their house is going to be paid off. And they will get a lot of money from their Canada pension plan or old age security.
There are a few things wrong with this assumption says Thomas Chan. First of all, people think that they are not going to have his many expenses. After they retire, because things will be paid off. However, inflation is likely going to play into account. As well as taxes. And, unfortunately people should plan on.
Having unexpected health concerns. Even though more people are living longer. With current millennial’s expected to live well into their nineties, people should not count on. Absolutely no health concerns as they retire.
They might fall victim to an illness. That requires ongoing health treatments, such as cancer. They might have mobility issues, that requires mobility aids. Or a live-in nurse for example, that will cost more money.
And eventually, if people live long enough. They are almost inevitably going to be moving into. An assisted care facility. And that is going to cost more money, that they may not have planned for initially.
While many people only spend 70 to 80% of what they make now. After they retire says Thomas Chan. But why would someone count on that. When people sit down with Thomas for their retirement planning Vancouver session.
He often wants them to think about. The lifestyle that they want to lead when they are retired. Such as being able to go on vacation. Or eating out whenever they choose, or pursuing all of the hobbies they wanted to before they retired.
These things are all going to cost money. Therefore, it does not make sense to plan for a retirement planning Vancouver. That does not allow things like enjoyment, and vacations. While people do not necessarily have to spend wildly after they retire.
If they only plan on spending 70% of their current expenses. After they retire, that is not going to give them the opportunity. To spend any other money, if they desire. People have worked their entire lives to get to this point.
They should be able to enjoy it in any way shape or form. Also, while many people think they are going to get enough from their Canada pension plan. Or old age security to not need to save anything extra.
The Canadian government themselves have gone on record to say. That it is only going to give people about a third of their expenses. Covered from the Social Security. Therefore, they will need to come up with.
Two thirds of their expenses on their own. If people would like help with their retirement planning Vancouver. Thomas Chan will explain things in clear language. In a way that they can understand. And give them an actionable plan today.