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

Kelowna takes to high altitude skating

Kelowna’s Landmark 6 building is the scene of synthetic skating this weekend

Petition filed to supreme court on Peachtree Village

A petition was filed Wednesday by the Friends of Beach Avenue Association

Kelowna pot dispensary launches petition

One of the medical marijuana dispensaries being sued by the City of Kelowna is fighting back

Ethel Street to reopen in Kelowna as upgrade work wraps up

Design work has already started for the next phase of Ethel Street’s active transportation corridor

Accident near Kelowna shopping centre

Fender bender on Springfield Avenue across from Orchard Park Mall

What’s happening

Find out what is going on this weekend in the Okanagan and Shuswap

Second lawsuit this week filed against jail

Inmate claims he was stabbed by another inmate while in protective custody

Kelowna company offering calibration service cameras

Speedy Glass has been selected as one of 50 service centres

Fuel spill follows train derailment near Hell’s Gate

Empty grain train jumped the track after a landslide

BC Ferries vehicle traffic last summer was best ever

CEO says positive results reduce future pressure on fares

Big White has wet opening day

The resort only opened four out of 19 lifts

False killer whale ‘Chester’ dies at Vancouver Aquarium

He was found stranded near Tofino in July 2014 and only had a 10 per cent chance of making it at the time

Elves in search of their clothes

Eight costumes missing from Summerland Legion

Most Read