Selling home sets the stage for retirement

One in three Canadians over 45 believe they will need to sell their real estate to support themselves through retirement.

A recent survey revealed one in three Canadians over the age of 45 believe they will need to sell their real estate investments to support themselves through retirement.

While funding retirement can mean selling off real estate, downsizing or putting the family home on the market, Valley First Credit Union’s Jay Christensen says a better option is to get an early start on your savings.

“Saving is a habit,” explained Christensen.

“Like any habit we’ve got to work at it so it becomes second nature. The earlier we can train ourselves to put some money aside, the better off we will be in the long run.”

Another factor leading to the need for greater retirement income is the climbing life expectancy—nearly 90 per cent of survey respondents anticipate they will live past 80.

With the current retirement age set at 65, that means having the funds available for more than 15 years of retirement.

“It’s no secret, people are living longer,” said Christensen. “Many are also working longer as a means to fund their retirement. The days when you could hang up your work clothes for good sometime in your 50s are quickly passing us by, so it’s important to have a sound financial plan.”

For many, retirement seems like a long way off, but Christensen says those who have successfully built up a healthy nest egg, often pass on a common piece of advice—discipline. “There seems to have been a generational shift in attitudes toward money,” noted Christensen. “Our parents took a lot less for granted, which for many meant a more cash-conscious lifestyle. I think a lot of us would be better off if we could learn a few spending and savings lessons from the past.”

Just Posted

Updated: Highway 97 reopens to traffic, Peachland fire crews monitor fires this morning

Crews continue to battle the 1,000 hectare Mount Eneas blaze south of Peachland

West Kelowna residents remain on alert due to wildfire

Evacuation alerts are in effect for properties in the Glenrosa area

Okanagan Mountain Park wildfire burns at 400 hectares

An evacuation alert remains in effect for those on Lakeshore Road

Show of union solidarity on casino picket lines

Labour movement to back striking BCGEU workers in protest on Saturday

Updated: Complete list of B.C. Interior wildfire coverage

Up-to-date information on blazes happening the Kamloops Wildfire Centre

Okanagan Wildfires: The latest on wildfires and evacuations

A Friday morning look at the major wildfires impact the Okanagan and Similkameen.

Scammers dressed as Mounties threaten to arrest senior if she doesn’t cough up cash

Pair of fraudulent officers threaten to arrest 90-year-old woman

Fundraiser launched to help mom of French jogger detained after accidentally crossing U.S border

Cedella Roman, 19, was detained in America after accidentally crossing the border

Trump slams Federal Reserve rate hikes

Fed raised benchmark rate for a second time this year in June, and projects two more hikes to come

New wildfire burning in the Naramata area

Wildfire ignited at Paradise Ranch, near Naramata

Police to provide update on case against alleged serial killer Bruce McArthur

McArthur worked as a landscaper, allegedly concealed the remains of seven men in planters

Premiers to wrap up 2 days of meetings at New Brunswick seaside resort

Meetings held in the scenic seaside town of St. Andrews on Thursday focused on trade

B.C. city wants pot banned from ALR

Mayor and council are concerned about conversion from growing food to making marijuana

On the street: Kelowna reacts to 2018 wildfires

BC Wildfire is working with local departments to battle multiple blazes near Kelowna.

Most Read