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.

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.

Just Posted

Oliver Stankiewicz, pictured with his parents David and Laura, will run 100 kilometres Sunday, May 9, in support of the McMurtry-Baerg Cancer Centre at VJH. (Contributed)
Man on the move for Mother’s Day in Vernon

Virtual run supporting McMurtry-Baerg Cancer Centre at VJH

(Kingfisher Boats photo)
In the market for a boat in the North Okanagan? Be prepared to wait

Vernon’s Kingfisher Boats is out of 2021 models, with many 2022 models already pre-sold

A woman wears a face mask and shield to curb the spread of COVID-19 while walking in North Vancouver, B.C., on Wednesday, January 6, 2021. THE CANADIAN PRESS/Darryl Dyck
57 new cases of COVID-19 in Interior Health region

Thirty people in the region are in hospital, 16 of whom are in intensive care

A hummingbird gives its wings a rare rest while feeding in a North Okanagan garden. (Karen Siemens/North Okanagan Naturalists Club)
Hummingbirds back for another Okanagan season

North America’s littlest birds return, and they’re hungry

The Vernon North Okanagan RCMP has released its quarterly policing report for the first three months of 2021. (Black Press file photo)
Vernon crime statistics trend upward to start 2021

North Okanagan’s two First Nations see biggest crime rise compared to first quarter 2020

Jose Marchand prepares Pfizer COVID-19 vaccination doses at a mobile clinic for members of First Nations and their partners, in Montreal, Friday, April 30, 2021. The National Advisory Committee on Immunization is coming under fire after contradicting the advice Canadians have been receiving for weeks to take the first vaccine against COVID-19 that they’re offered. THE CANADIAN PRESS/Ryan Remiorz
Trudeau says he is glad he got AstraZeneca, vaccines are only way out of pandemic

‘The most important thing is to get vaccinated with the first vaccine offered to you’

Solar panels on a parking garage at the University of B.C. will be used to separate water into oxygen and hydrogen, the latter captured to supply a vehicle filling station. (UBC video)
UBC parkade project to use solar energy for hydrogen vehicles

Demonstration project gets $5.6M in low-carbon fuel credits

FILE – A student arrives at school as teachers dressed in red participate in a solidarity march to raise awareness about cases of COVID-19 at Ecole Woodward Hill Elementary School, in Surrey, B.C., on Tuesday, February 23, 2021. THE CANADIAN PRESS/Darryl Dyck
B.C. ‘should be able to’ offer 1st dose of COVID vaccine to kids 12+ by end of June: Henry

Health Canada authorized the vaccine for younger teens this morning

A woman in the Harrison Mills area was attacked by a cougar on Tuesday, May 4. B.C. Conservation Officers killed two male cougars in the area; the attack was determined to be predatory in nature. (File photo)
2 cougars killed following attack on woman in Agassiz area

Attack victim remains in hospital in stable condition

A woman wears a face mask and shield to curb the spread of COVID-19 while walking in North Vancouver, B.C., on Wednesday, January 6, 2021. THE CANADIAN PRESS/Darryl Dyck
B.C. CDC updates info, acknowledging small respiratory droplets can spread COVID-19

Large droplets, not aerosols had been fixture of public health messaging for many months

George Ryga, considered by many as Canada’s most important English playwright lived in Summerland from 1963 until his death in 1987. He is the inspiration for the annual Ryga Arts Festival. (Contributed)
Summerland archive established for George Ryga

Renowned author wrote novels, poetry, stage plays and screen plays from Summerland home

Grizzly bear. (File)
Malakwa man bitten by grizzly bear on dog walk

The man and dogs were not seriously injured

Two cyclists traverse a closed Bernard Avenue in downtown Kelowna on June 29, 2020. (Michael Rodriguez/Capital News)
Kelowna recognized as bike-friendly city

City earns bronze in nationwide Bicycle Friendly Communities award program

Most Read