You’re working hard and plan for the retirement of your dreams. Planning financially for a very long retirement is important. It can be a complex time of life, with lots of changes to finances, health, and relationships.
You’re most likely in good health now, and with that in mind it’s probably difficult to imagine the care you will need in the future as you age. In order to have the best possible retirement, you should incorporate a plan to address your potential futures health-care needs. This will enable you to provide some added security for you and your family while still protecting your estate.
As we age, health and personal care needs begin to changes; most times it begins with minor health problems. Generally, this tends to be an unexpected health event, accident or chronic health problem, which can make it difficult to perform daily activities.
In Canada our retirement income system is described as having three parts:
These three sources will combine to fund income at retirement, but the importance of each one may differ depending on your personal circumstances.
Many investors–even millionaires–are worried about running out of money in retirement. Do you know how much your retirement will cost and how you’ll pay for it? Underestimating key financial factors can derail your plans for a comfortable retirement.
Planning for your retirement is time well spent. It’s a good idea to talk to an advisor about how your pension fits into your retirement plan and how it can provide an important source of income.