Planning for Early Retirement Pays Off: Many Seniors Face Tough Financial Realities As they Age

The Vancouver Sun – Generations

For so many seniors, retirement is the time to kick back and relax after decades of all their hard work.  Travel, time with family, golf:  it’s a life of leisure at least, that’s the dream.

In fact, money is a major concern for today’s retirees.  Nearly 60 per cent of retired Canadians are carrying some form of debt, according to a CIBC poll.  Although retired Canadians hold less debt than those still working, they’re also less likely to be taking steps to accelerate their debt repayment.

Without a regular paycheque coming in, it is more important for people to live within their means.  The good news is that wit a little legwork, people can enter their golden years in the most fiscally stable position.

The top questions Vancouver fee-only financial advisor Ngoc Day gets from senior clients are:  Will we outlive our money?  And can we afford to maintain the same lifestyle we’re used to?

“You  have prioritize your objectives,” says Ms. Day, who’s with Macdonald, Shymko & Company Ltd.  “Being aware of what you’re spending, and what your spending patterns are will help you decide if you need to forgo something to reduce expenses.  That can’t happen if you haven’t got a clear budget or a clear idea of what you’re spending it on.”  Click here to read the rest of the article.

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