Regardless of where you choose to retire, proper planning is what makes the entire process run smoothly. During your retirement years, you will want to take the time to relax, spend time with your family, and enjoy your hobbies without the stress of a job. In order to this, you will need to properly plan and save for the years ahead. Retiring to Toronto is no different.
Retirement is a different time and things can change quickly as you get older. While you may not have needed medical attention during your younger years, most seniors will need additional care as they age. If you think you would like to retire to a senior living community or will need the service of a nursing home in your older age, you will need to prepare and save for that while you are still working.
The best way to complete your retirement plan is to think about the following areas, as outlined by the Certified Financial Planner Board of Standards:
Retirement income and making your money last Your estate plan Finances you would like to leave for your children and grandchildren Possible health care needs Future long-term care
Each of these areas should be addressed while thinking about your retirement plan.
Creating your retirement plan means you will also want to consider how the government will help support you, including what benefits you can receive. It is important to be realistic about the funds that you will receive as it is often not enough to completely support yourself during retirement.
Planning for any financial situation can be difficult for many of us, especially if we don’t have a background in anything related to the industry. But for those who are struggling to create a retirement plan or would just like the assistance of someone who knows the ins and outs of saving for retirement, there are professional financial planners who specialize in creating retirement plans.
To find a retirement planner in the Toronto area, consider the following sites:
The CFP Board allows interested individuals to search through their database to find a financial planner that meets their needs and requirements. To begin, you can search by city or zip code and then narrow down the results by specialty, such as retirement planning.
Retirement planners can also be found through the Better Business Bureau. The BBB website has a search that allows you to find accredited companies and planners who have proven to meet the requirements of the BBB.
Regardless of the planner you select, you will want to work with someone that you can trust and someone who has your best interests in mind.
Many cities do what they can to ensure their seniors are well taken care of. For other resources for seniors in Toronto, including potential discounts or programs available to older individuals, you can contact the Toronto Council on Aging.
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