According to a Manulife Homeowner Debt Survey, only 4 in 10 Canadians feel confident they will have saved enough for retirement. While it may be important to you to have retirement plans in place, do you really know how likely you will be to achieve your retirement income planning goals?
As you prepare to leave the workforce, there are lots of active steps that should be taken to ensure that you are well-equipped for life after retirement, including having a retirement income plan in place for expenses that may be unexpected.
One important item that many people want to achieve upon retirement is being mortgage free, including remaining in the same home that they currently live in. However, underestimating retirement income planning, various other familial expenses, and unexpected events may cause people to delay their retirement or modify their lifestyle, so they can get ahead. Even more prominently, borrowing against home equity may seem like the only way out of difficult financial situations, although it may not be the best solution for your personal situation. It’s important to look at the situation, in which you are ready to retire but you are house-rich and savings-poor. Home repairs, medical expenses, tax payments, debt management, and viable income sources are all caught in the balance between the working and retirement planning stages of life.
If you are nearing retirement age and/or you are already considering your retirement income planning options, you may be wondering where you can find answers to your most pressing questions. Fortunately, our team at BlueRock Wealth Management can help you plan for your future retirement based on how you see your future. We offer friendly, straightforward advice that is customized to your individual situation. Let’s get started today.