GUEST COLUMN: Blazing the trail

Characteristically, baby boomers have enjoyed higher standards of living than their parents.

Baby boomers are redefining retirement.

Even when baby boomers reach the golden age of 65, they may not necessarily pack up their desk and enjoy a quiet retirement lifestyle like their parents did. If their influence on social revolutions in the past is any indication, chances are that baby boomers are going to enjoy retirement differently.

If you’re part of this influential group, you’ll also need to redefine how you plan for this exciting new chapter of your life.

Characteristically, baby boomers have enjoyed higher standards of living than their parents.

In addition, healthier lifestyles and medical advances are leading to longer life expectancies.

All these factors indicate that this generation will be looking to enjoy higher standards of retirement as well. Achieving this involves careful planning so that your savings are able to provide adequate income for you to enjoy the rest of your life on your terms.

Unlike their parents, baby boomers may not necessarily be working towards the goal of retirement.

Many individuals have found fulfilling careers they want to continue developing past the age of 65. Some are even planning on starting a second career after “retirement.”

Retiring later may mean you may be able to wait longer before transitioning to strategies that protect your nest egg. On the other hand, if your dream is pursuing a new passion, or to start a small business after you retire, you may need to save additional funds in order to avoid financial stress.

Living longer ultimately means very little without your health. With longer life expectancies and medical advances that allow people to recover from serious illnesses, you also need to think about building health care costs into your retirement savings plan. By planning for these expenses, such as in-home care and specialized treatments, ahead of time by purchasing critical illness, disability and long-term care insurance, you and your family will be able to focus on your health, and not the impact recovery has on your savings.

For a lot of boomers, writing a cheque to save taxes just isn’t enough. Many have special causes that they are passionate about. If charitable giving through time or funds is in your retirement plans, you and your advisor can evaluate how you can balance both your retirement lifestyle and charitable giving at the same time. With sophisticated tax strategies, you may even be able to make more significant contributions to your cause.

Instead of focusing solely on their own needs, baby boomers place a great deal of emphasis on leaving a legacy and helping family members reach their goals. Through efficient tax and estate plan strategies, boomers are able to fulfill their own retirement objectives while making sure they can still leave a legacy to care for their families.

While you’ve been saving for your retirement, you’ve experienced the ups and downs of the markets and seen generous and all-time low interest rates.

After you stop working, the markets and interest rates will continue to change. With the many different demands on your retirement income, planning ahead and planning with smart strategies is important in order for you to achieve your objectives, and still be prepared for economic swings.

Kirbey Lockhart is an investment advisor with RBC Dominion Securities. This article is provided for information purposes only. Please consult with a professional advisor before implementing a strategy.

 

Just Posted

Spallumcheen administrator earns provincial coaching gig

Doug Allin will be head coach for Team BC men’s softball team at 2021 Canada Games in Ontarior

No outdoor rink for old Vernon Civic Arena site

The idea of putting in a temporary outdoor rink on 37th Avenue for 2019-20 is cost prohibitive

Vernon teams harvest bronze medals

Vernon’s Atom A and C development hockey squads each finish at home tournament

Vernon Panthers shut down South Kamloops

Top-ranked Cats roll to 27-0 victory over Titans at Greater Vernon Athletics Park

Vernon Vipers win fifth straight

Matt Kowalski scores in overtime as Snakes stop Trail Smoke Eaters 3-2 at Kal Tire Place

Summerland council agrees to 30-year lease with steam railway

Tourist train has been operating as an attraction in Summerland since 1995

Speeding a concern on Summerland streets

Police observe fast motorists in town and on Highway 97

Greta Thunberg meets with First Nations chief in Fort McMurray

Thunberg has turned her protest against climate change into a global movement

Canucks hang on for 3-2 win over Rangers in New York

Vancouver scores three times in first period

More beef products recalled due to possible E. coli contamination

The food safety watchdog has been investigating possible E. coli 0157:H7

Roads contractor waits for snow removal equipment as winter looms

The newly-hired highway maintenance company serving the region is hitting some bumps… Continue reading

Most Read