HOW TO KEEP FINANCIAL ANXIETY FROM RISING IN YOUR SUNSET YEARS

Special to The Globe and Mail – By Gail Johnson

Of all the places in Canada to retire, B.C.’s Salt Spring Island ranks right up there in terms of desirability. Beth and Patrick Mitchell chose the Southern Gulf Island for its active arts community, vibrant food culture, decent weather and numerous services, including a small hospital. The former Vancouver residents couldn’t be happier. They just hope they have enough money to last them until they have both drawn their last breath.

“We’ve been here for about six months, and we absolutely love it,” says Ms. Mitchell, 68, a former adult educator. “We were ready for less city and more of what we loved most about the quiet, simplicity and social intimacy of island life.”

The couple took their retirement planning very seriously. In the years leading up to their retirement, they read books, attended seminars, crunched numbers and sought professional advice from a fee-only financial planner. Now that they’re living the dream, the two have realized that financial planning doesn’t end once you’ve left your desk for good.

Fee-only financial adviser, Ngoc Day, with Macdonald, Shymko & Co. Ltd. in Vancouver, says retirees need to determine their priorities, especially if they have every intention of retaining their preretirement lifestyle. Click here to read the rest of the article.

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