|
|
 |
|
The world for the 50+ age group has changed. We think of our parents and grandparents and saw how they managed quite well on the small pensions they received from work and from the government. They sold their mortgage-free home when the market rose dramatically and purchased a smaller home/townhouse/condo, leaving them with money in the bank.
For those of us over 50 years old today, we are being told by investment specialists that in order to maintain our lifestyle of nice homes, newer cars, travel, and leisure activities like golf, we will have to have an investment account of over one million dollars!
Those who are in the poverty bracket will apparently do all right on the government pensions and supplement. However, if you are in the middle income bracket and thought you would continue with your current lifestyle after retirement, we are told that you are in for a nasty shock!
Statistics Canada research suggests that half of households with workers aged 55 to 64 have a financial net worth of less than $120,000, which is just not enough to carry them through 15 to 20 years of retirement.
If somehow you can manage to put aside a million dollars before retiring, then just carry on.
In our experience, we have seen business owners retire before the age of 65, and enjoy their new life … for a few years. One day they wake up and realize that they will quickly outlive their resources. The next step is then to find a job. This won’t be the job they had before they sold their company. How many seniors have you noticed working as Wal-mart greeters, as servers in fast food restaurants, etc.
For those in physical jobs, it might be very difficult to return to that level of physical activity. However, if you are doing a job you enjoy and can continue to do well, then maybe reconsider leaving the job completely. Consider working half or three-quarters time, or switch into being a consultant in your field of expertise.
Don’t retire hastily! Look at your options. Do some careful planning relating to your finances and your energy levels.
|
|
"We have found the Friesens to be very friendly and
honest people who take an interest in the vendor not
only as a customer but also as a friend. They are
proffesionals who know the market and do not Buy a
listing." -B.&D. Neste |
|
