Are You Retirement Ready?
Saving for retirement early on is a great idea, but it doesn’t always happen. When you are ready to start putting together a rock-solid retirement plan, it’s best that you think of these things.
Be Retirement Ready
In our previous article, we spoke on unexpected healthcare costs that you should save for. This is big when creating a retirement plan, as these costs can easily eat into your money. Make sure to consult your doctor and get a checkup to be ahead of any health-related issue that may come up.
Taxes & Investments
Unfortunately paying taxes never ends, even when you retire. You need to pay taxes on your investments when you withdraw money from certain savings accounts like an RRSP. If you plan a budget without taking into consideration the taxes that you need to pay, you may find yourself in hot water quite fast. It’s always good to have an accountant that specializes in retirement plans, as they will know more about the tax breaks that seniors can get.
Simply put, the cost of something today won’t be the same in the future. Everything is going to cost more and if your retirement plan is 10-15 years, inflation becomes a huge part of that. There are many great inflation calculators out there to help you get a better idea of what kind of future costs you will be looking at. Having investments that can overcome inflation is a great option if you have it.
Trying to create a retirement plan is not a one-person job. Ask for help wherever you can, family, friends etc. A good financial planner would help you a lot with any questions and budgeting concerns.
Riverside Senior Living is an affordable option for many seniors looking into retirement living without the headaches of living alone.