Retirement can be an exciting time for you to relax and enjoy the benefits of all your hard work in previous years. However, it can also be a time of uncertainty, especially when it comes to finances. This is why it’s critical to plan for retirement ahead of time.
Below is a list of 5 retirement planning tips for seniors.
1. Start saving early. Start small and try to increase the amount you save each month or year. Your money will have more time to grow if you start saving early.
2. Consider downsizing. This is an excellent way to reduce your living expenses and save money on repairs and maintenance around the house.
3. Create a budget. This can be useful in helping you manage your expenses during retirement. Ensure that you track your spending carefully and adjust your budget as needed.
4. Speak with a financial advisor. This person can help you create a retirement plan that’s tailored to your specific goals and needs.
5. Apply for public pension benefits. Most Canadian seniors and retirees are eligible to receive income from the Canada Pension Plan and Old Age Security. In addition, seniors with a lower income may qualify for the Guaranteed Income Supplement.
The Boom Health app allows you to manage your loved one’s home care in one app and takes the stress out of organizing care. Download the app on the App Store or Google Play Store.
This article is not intended to be a substitute for professional medical advice or diagnosis. Always seek the advice of your physician or another qualified health provider with any questions you may have regarding a medical condition.
