Retirement Financing: Tips and Tricks You Need to Know
Sourcing the funds for your retirement may be one of the most important, if not the most important, factors in how you approach your retirement plans. But there are other things to consider such as where you live, how you live and projecting the costs of home care and unexpected expenses. Let’s face it, figuring out the cost of retirement and its impact on your finances isn’t a simple, one step process. There are a number of considerations when it comes down to finances, saving ahead of time and strategizing for your future.
So what’s your relationship to money?
This is the overarching question we explore in the “Financing Your Retirement: Money Tips and Tricks You Should Know” eBook.
What is your money management style? What are your past and present beliefs about about money, investments and budgeting? Do you have any bad spending habits (relax, we all have them!)?
These are just some of the crucial questions to ask yourself whenever you begin to feel overwhelmed by the relationship between how you think about money and the reality of what’s in your bank account. Just remember, it’s all in your mindset—don't let how much you earn or unforeseeable circumstances beyond your control direct how you see your future retirement. You have control and you can build an effective plan for managing your finances well into your retirement. This ebook will give you the tips and tricks to do just that.
Highlights of the eBook include:
- Five retirement savings tricks for uncertain times—Need some tips for getting out of difficult economic situations? Check out these five methods to better manage your money each month, take a closer look at your pension, develop ways to adapt, and learn more about how your Tax Free Savings Account (TFSA) can work for you.
- Get your RRSP working for you—If you're like many who are scared they haven't saved enough for a comfortable retirement, you'll want to be sure to read this section on exactly how your RRSP can do more for you as you get older.
- Understand your pension options in three simple steps—You may already be in a position, or find yourself in a position in the near future, where you may be asked to make a decision regarding your pension. This section outlines those possible situations, breaks down the definitions of defined benefit and defined contribution pension plans and provides a simplified three-step process for understanding and making those weighty decisions. You'll also get advice on what questions you should ask yourself when searching for a professional to help out with the process.
- Canada pension plan changes: How will they affect you? You may already be aware of the pension plan changes happening between 2011 and 2016, but have you wondered how much they'll affect you? Here you'll find out any changes to the amount you receive on your pension, information regarding the removal of the "work cessation" and information about continued CCP participating while receiving benefits.
- Financial security for single women—Ever wondered about the stats for single Canadian seniors, specifically senior women? You may be surprised at how much that number is growing. If you're an older single woman, how should you save for a financially secure retirement? Find out what the experts say here and read about the examples of women who fall into three common situational categories, as well as how to check up on your financial advisor.
- The impact of care on your finances—Your health is another one of those factors mentioned earlier that can have a drastic impact on your bank account. It's advisable to start setting up a financial plan now while you and your loved ones are in good health, utilizing some of the tools and methods outlined in this section for the three main health stages.
- Senior care advisor—Few things are more important than finding the resources you'll need for good health care as you get older—unless it's finding out what those resources may cost.The senior care advisor tool has been designed to help you figure out the exact care you require —and how much it may cost—depending on your current health status. It also provides information and links you may need to assist other family members.
Whatever stage of life you're in, now is certainly the time to start thinking or re-thinking about the way you view your finances and how you can make them work better for you in the long run.
Download your free copy of the “Financing Your Retirement: Money Tips and Tricks You Should Know” eBook now!
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What tips and tricks do you have for retirement financing? Does thinking about your future financial situation worry you? Share your thoughts in the Comments section below.
Related:
Financing Your Retirement—Planning Ahead
Retirement Home Financing, Affordability and Advice
Buy, Rent or Lease?
Preparing Your Finances
Retirement Saving Tips
Financing Your Retirement: Costs of Retirement Living Overview
