Canadians are living longer than in the past. This means that many retirees
face the challenge of stretching their retirement savings over a longer
period of time. There are a number of steps you can take to make this
easier. A good start is to make the best use of the public pension
benefits, tax credits and other benefits and discounts available to you.
Once you stop working, your after-tax income will probably be less than it
used to be, so it is important to budget and track your spending. Having
less income in retirement can make it more difficult to react to emergencies
and unexpected events unless you set aside money for them. It is also a
good idea to prepare for a possible loss of independence, when you may no
longer be able to manage your financial affairs, and to prepare financially
for your death.
Seniors are often targets of financial abuse and fraud. It is important to
learn the signs of fraud and financial abuse and how to protect yourself.
As you begin your retirement, review your current financial arrangements to
make sure they meet your needs. Update them regularly as your needs
change. Whatever your approach, this new stage in your life will bring some
changes to your financial needs and priorities.
Living in Retirement
Photo credit Phil warren via
Visualhunt.com CC BY-SA
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