As we all know as we get a little older, the more we plan, the better we do with our lives. There is a time and place for spontanaity, but your retirement plans need to be worked out as young as you can manage to do them. Most of us, however, leave retirement planning to our late 40’s and even 50’s, and still more of us have no plan at all. A new poll just released of Canadians over 45 shows that we are worried about our retirement savings and how they will be affected by the economy. Have a plan to deal with anything that comes up.
Hire a Financial Planner
Your financial planner is the biggest piece of your retirement plan puzzle. Many of them don’t cost you anything except the need to go with their preferred funds. If you find the stock market to be a foreign place or simply aren’t sure about playing it in uncertain economic times, your financial planner is your best friend. They’ll help you draw up a roadmap to your retirement and savings that will have you retiring as early or as late as you want.
Consult Your Insurance Professional
Some insurance plans include Estate Planning and access to funds from your life insurance during your lifetime. Make sure that your family is provided for should something happen to you, and look at the lifetime possibilities of a better insurance plan. Many people start out with the cheapest possible, which is term life. If you step it up to permanent life insurance, many more doors open to you in terms of financial possibilities. Your insurance professional is the best person to advise you on life insurance
CHIP Home Income Plan
A reverse mortgage from the CHIP Home Income plan can see you retiring in comfort and even earlier than you had originally thought possible. If you have considerable equity built up in your home, you can use that equity to get a reverse mortgage to pay off your house, go on annual vacations, help a child pay for their own home, or help your kids get through school. More and more Canadians are turning to the CHIP Home Income plan to help bolster their retirement savings in harsher economic times.
Contact us today for more information on the CHIP Home Income plan to take to your financial planner as a potential building block for your retirement plans.