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Can I afford retirement living?

July 22, 2019

There are many different reasons why people choose to move to retirement and there are an equal number of reasons people hesitate to make the decision!  One deciding factor is often money and for many, the perception that retirement living is too far out of their reach.

Did you happen to read the article in the Financial Post that spoke to this exact issue?

Here’s what it costs to live in a retirement home — and the bottom line is less than you might think

To summarize – many people do not actually break down all the expenses that are now lumped into one bundled expense.  Others do not consider that they no longer have many of the expenses like travel, entertainment and shopping that they once had as part of their social lifestyle.  Tax credits are something else many do not consider!  Many seniors have various reasons that they would qualify for the disability tax credit or Medical Expenses Tax Credit.  These tax credit can assist seniors with the cost of care, equipment, and more.  (see links at bottom of the page).  The many and various sources of income from pensions to RRSP/RIFs, property sales, TFSAs and other investment income all need to be taken into consideration and there are ways a financial planner can create income from some of those income sources.

If you have questions and would like to learn more, reach out to your financial planner or wealth manager, or if you would prefer, come see us on July 30th, where the appointment has been made for you to have your questions answered.  See the Event Page of the website for details.  We would love to see you there!!!

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