Everyone’s financial outlook is unique as they approach retirement; a financial advisor can develop a financial roadmap for this next part of your life.

Transition into Senior Living

Moving into a senior living community can feel overwhelming, but once you sit down with your family, financial planner and a cup of your favourite hot drink, your stress will start to disappear.

Downsizing and diving straight into the nearest senior community may not be the best approach as there are many things to consider. A good first step is to meet with a financial advisor and start planning ahead of time. No matter the reasons you have for considering the transition into a senior living community, you are smart to consider its advantages. Not only can you get a fresh start (maybe in closer proximity to family), but you can drastically improve your quality of life in retirement.

“I recommend starting to plan this transition at least five years ahead so that you can make sure the numbers work for you and your future goals,” says Sarb Sangha, Wealth Management Specialist at Prospera Credit Union. “Other things to consider include if you plan on leaving a legacy or inheritance, and will you be selling a property to fund the income requirements for your new living expenses.”

Everyone’s financial outlook is unique, so taking the time to piece together all sources of income you have, including savings accounts and investments, will help you and your advisor develop a financial roadmap for this next part of your life.

“A financial roadmap sets you up for financial health and success, especially at this specific stage in your life,” says Nami Kim, Investment Advisor at Prospera Credit Union. “A good starting point is taking a look at your income, retirement income, pension and investments. This way we can allocate funds into unique investments that make sense for you and your future plans.”

Once your financial plan is in order, you’ll have to get the wheels turning with your options. There are a lot of moving parts in play, so breaking down your approach into simpler steps is a good place to start. “Start looking around. You’d be surprised by the number of people waiting to get into independent and/or assisted living communities,” says Nami Kim. “Take a look at your options. Depending on your budget and lifestyle wants and needs, there are many places to consider.”

By working with a financial advisor, you’ll potentially save big on standard costs associated with homeownership and, most importantly, you can finally take some of that well deserved time to relax.

Comments are closed

Just Posted

LETTER: Nightmare experience navigating Abbotsford’s roads

One-hour drive around town revealed just how bad some drivers behave

Abbotsford Falcons Peewee Black repeat as provincial champs

Abbotsford football club wins second straight provincial title, blank Coquitlam 20-0 in final

No defence witnesses in trial of man charged in killing of Abbotsford student

‘Change of instructions’ results in defence closing case without calling evidence

Abbotsford’s buses & sidewalks pose difficulties for those in wheelchairs, council told

Self-advocates urge council to improve city facilities for those who use wheelchairs

Accused Abbotsford school killer due back in court after psych assessment

Gabriel Klein could possibly be found ‘not criminally responsible’

VIDEO: Kenney lays out key demands for meeting with Trudeau

Alberta Premier Jason Kenney aims for clear signs of federal action on two-day Ottawa trip

Province sues over sailing incident that killed teen with disabilities

Gabriel Pollard, 16, died from injuries after marine lift failed

Hope’s illicit drug death rate rivals Vancouver

Small Fraser Valley district listed among top five per capita in B.C.

First Nations want Big Bar landslide cleared ASAP to allow fish passage

Leadership calling for urgent action and resources to remove obstruction on the Fraser

Assessed value of Lower Mainland homes expected to decrease in 2020

Other areas of province may see modest increases over last year’s values

15-year-old charged following threat to South Surrey high school

Police announce pair of teens arrested for Nov. 14 incident at Elgin Park Secondary

TransLink CEO ‘hopeful’ SkyTrain shutdown can be averted with last-minute deal

No extra buses will be on the roads if strike goes ahead

Chilliwack family’s therapy dog injured in hit and run

Miniature pit bull Fifty’s owner is a single mother facing close to $10,000 in vet bills

Cougar destroyed in Penticton area after mauling dog, killing cat

This is the first reported incident with a cougar this year in the Penticton area

Most Read