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.

Comments are closed

Just Posted

Kelowna receives accolades for accessibility and inclusivity

“Receiving this provincial recognition reaffirms that everyone is welcome in Kelowna,” said Mayor

Kelowna council opposes ‘racist’ Quebec secularism bill

The city joins Calgary, Montreal, Victoria, Kitchener and Brampton in condemning the bill

Gotham Nightclub pumps up the jams for the first time this weekend

Gotham Nightclub is taking place of Level Nightclub eight months after it closed its doors

New trial ordered for Salmon Arm optician convicted of sexually assaulting 14-year-old boy

Kenneth Pilkington was ininitally found guilty of the offense

Sockeye Salmon return to Okanagan Lake for the first time in decades

The Okanagan Nation Alliance and Fisheries and Oceans Canada restored a fish ladder damaged over 50 years ago

Tories take North Okanagan-Shuswap riding with decisive lead

Incumbent Conservative MP Mel Arnold returns to Ottawa, Liberal Cindy Derkaz a distant second

Second young woman dies after rollover crash near Williams Lake

‘Someone’s going to get her heart, which is awesome, because she has the best heart in the world’

Google searches for ‘how to vote’ surge on Election Day

Interest spikes despite social media campaign by Elections Canada

Troll Grandfather bridges gap in Okanagan

Spotlight Kids’ Series show comes to Vernon Sunday

Alberta man pleads guilty, fined for hunting without a licence in North Island

It’s the responsibility of each hunter or angler to know whether they are considered a B.C. Resident.

B.C. mayor apologizes for removal of Queen’s portrait from council chambers

‘I prefer to be inclusive of the many aspects of our history’

Hergott: Driving and talking to a passenger

Lawyer Paul Hergott writes about distracted driving with passengers

Alcohol a possible factor in crash that killed 17-year-old girl near Williams Lake

A pickup truck left the road and rolled over on Highway 20 on the weekend

Most Read