5705 Cancross Court
Suite #200, Mississauga, ON L5R 3E9View on Map »
As people age, maintaining financial independence can become increasingly challenging. However, there are steps that senior can take to help ensure that they can continue to live independently and enjoy their golden years without financial worries.
Below, we will discuss some of the ways that seniors can maintain their financial independence for years into the future.
One of the most important steps that seniors can take to maintain their financial independence is to create a budget. A budget can help seniors understand their income and expenses and make informed decisions about how to allocate their money. By creating a budget, seniors can ensure that they are living within their means and have enough money to cover their basic needs.
As people age, healthcare expenses can become a significant portion of their budget. To maintain financial independence, seniors should plan for healthcare expenses and consider purchasing long-term care insurance. This can help cover the cost of future medical care and provide peace of mind.
High interest debt can be a significant burden for anyone, but it can be particularly challenging for seniors who may have limited income and resources. Seniors should avoid taking on unnecessary debt and focus on paying off any high-interest existing debt as quickly as possible. This can help ensure that they have enough money to cover their basic needs and maintain their financial independence.
As people age, housing needs often change. Seniors may consider downsizing to a smaller home or condo to maintain their independence. Having less "house" to manage can reduce living costs and free up more money for other expenses.
Seniors may be eligible for a range of government programs and benefits that can help them maintain their financial independence. For example, most seniors are eligible to receive payments from the Canada Pension Plan and Old Age Security. There are also other programs designed to provide additional financial assistance for seniors experiencing additional cash flow challenges.
Finally, seniors concerned about their financial security may benefit from seeking advice from a financial advisor. A qualified financial advisor can help seniors fully understand their retirement income options and develop a plan for managing their finances. Financial Advisors can also provide guidance on investing, estate planning, and other financial matters.
As a final thought, we understand that for seniors maintaining financial independence can sometimes be a challenge. By following the various steps outline above, seniors can gain more control of their finances and find more freedom to live independently for many their "golden years".
It is never too late to take steps to improve your financial situation. Contact our office to learn more about how you can enjoy a more secure and comfortable retirement.
Copyright © 2023 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.
This publication and website are intended for Ontario residents only and the information contained is subject to change without notice. Mutual Funds are offered and regulated through Global Maxfin Investments Inc. (GMII). Insurance products (including Segregated Funds) and Income Tax Planning is provided under the name of Ausim Mobeen. GMII does not supervise these activities and will not be accountable, responsible or liable for such activities. This publication contains opinions of the writer and may not reflect opinions of GMII. The information contained herein was obtained from sources believed to reliable, but no representation, or warranty, express or implied, is made by the writer or GMII or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional advisors for advice based on your specific circumstances.
