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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Federal minister to speak in Vernon

Greater Vernon Chamber welcomes middle class prosperity minister to talk money

Vernon PAC takes stand against dating violence

KSS to host presentation to equip parents with tools to spot unhealthy, violent relationships

VIDEO: Vernon man says stranger breaks in while family slept

Resident shares doorbell cam footage in hopes to ID suspect who raided his home and fridge

Two-car collision in busy Vernon intersection

Firefighters, RCMP and ambulance are on scene

VIDEO: Protesters set up beside Vernon highway

North Okanagan-Shuswap MP responds to countrywide blockades

UPDATE: Protesters say they will maintain blockade near Chase “as long as it takes”

Signs at protest site say in solidarity with Wet’suwet’en

Petition seeks to remove local police department from Lindsay Buziak murder case

American woman starts online petition in hopes of helping Buziak family

Deaths on popular Shuswap trail ruled accidental

B.C. Coroners Service reports on fatal falls in May and July 2019

Study says flu vaccine protected most people during unusual influenza season

Test-negative method was pioneered by the BC Centre for Disease Control in 2004

Saskatchewan and B.C. reach championship round at Scotties

British Columbia’s Corryn Brown locked up the last berth in Pool B

‘Chain reaction pile up’ closes southbound traffic on Coquihalla Highway

Black Press Media has reached out to RCMP, paramedics for details

B.C. lawyer, professor look to piloting a mental-health court

In November, Nova Scotia’s mental-health court program marked 10 years of existence

EDITORIAL: Thoughtless posts to Facebook cause real harm and stress

At the risk of resembling a broken record, it needs to be… Continue reading

COLUMN: Not an expert on First Nations government structures? Then maybe you should calm down

Consider your knowledge about First Nations governance structures before getting really, really mad

Most Read