Everyone’s financial outlook is unique as they approach retirement; a financial advisor can develop a financial roadmap for this next part of your life.

Transition into Senior Living

Moving into a senior living community can feel overwhelming, but once you sit down with your family, financial planner and a cup of your favourite hot drink, your stress will start to disappear.

Downsizing and diving straight into the nearest senior community may not be the best approach as there are many things to consider. A good first step is to meet with a financial advisor and start planning ahead of time. No matter the reasons you have for considering the transition into a senior living community, you are smart to consider its advantages. Not only can you get a fresh start (maybe in closer proximity to family), but you can drastically improve your quality of life in retirement.

“I recommend starting to plan this transition at least five years ahead so that you can make sure the numbers work for you and your future goals,” says Sarb Sangha, Wealth Management Specialist at Prospera Credit Union. “Other things to consider include if you plan on leaving a legacy or inheritance, and will you be selling a property to fund the income requirements for your new living expenses.”

Everyone’s financial outlook is unique, so taking the time to piece together all sources of income you have, including savings accounts and investments, will help you and your advisor develop a financial roadmap for this next part of your life.

“A financial roadmap sets you up for financial health and success, especially at this specific stage in your life,” says Nami Kim, Investment Advisor at Prospera Credit Union. “A good starting point is taking a look at your income, retirement income, pension and investments. This way we can allocate funds into unique investments that make sense for you and your future plans.”

Once your financial plan is in order, you’ll have to get the wheels turning with your options. There are a lot of moving parts in play, so breaking down your approach into simpler steps is a good place to start. “Start looking around. You’d be surprised by the number of people waiting to get into independent and/or assisted living communities,” says Nami Kim. “Take a look at your options. Depending on your budget and lifestyle wants and needs, there are many places to consider.”

By working with a financial advisor, you’ll potentially save big on standard costs associated with homeownership and, most importantly, you can finally take some of that well deserved time to relax.

Just Posted

Penticton photographer publishes book showcasing resilience of Okanagan people

Okanagan Strong showcases the bravery of many during crisis; from COVID-19, to floods, and fires

Summerland steam train to begin operations

Reduced schedule, physical distancing planned for Kettle Valley Steam Railway beginning July 18

Summerland to hold meeting on solar project

Event on July 13 at 1 p.m. open to comments from the public

LETTER: Land for Summerland’s solar project site was designated for growth

Site represents close to 20 per cent of land marked for future growth

South Okanagan RCMP member speaks out against criticism

Police have been the subject of intense scrutiny in recent weeks

B.C. identifies 20 new COVID-19 cases, travellers specified in count

Pandemic total 3,028 cases, 51 people from outside Canada

Kelowna taxpayers could pay $90K for losses caused by cancelled Memorial Cup

$135,000 would be put aside for a potential bid for a future opportunity to host the tournament

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Motorcycle rider seriously injured in collision with vehicle on Highway 97 west of Pritchard

Chase RCMP report that motorcycle was attempting to pass when crash occurred

Predator mutilated cats in Kelowna: BC SPCA

The BC SPCA confirmed a mutilated cat was killed by a predator

LETTER: Former Summerland mayors speak out on solar project

Five former Summerland mayors sign name to short letter

Emergency crews conduct CPR on unresponsive person in Okanagan Lake

West Kelowna emergency crews are on scene at the shores of Jubilee Mobile Home Park

Filing deadline in RCMP sexual-harassment class-action extended due to COVID-19

Plaintiffs now have until January 2021 to submit claims for up to $222,000

Jamie Bacon pleads guilty to charge in Surrey Six case

The plea brings an end to a complex legal case that has spanned more than a decade

Most Read