STAN KOZA Real Estate Broker
London, Ontario, Canada 519-495-2044
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When you call Stan, Stan answers the phone. No Real Estate Treadmills, No 3rd parties, No Assistants.
   Home      Retirement Planning

At what age do you want to retire?

It isn't just about when you want to retire, but also when you feel you can afford to retire. For example, if you retire early, will you still be entitled to medical insurance from your former company? If not, do you have the funds to purchase outside insurance. Another issue is that of which spouse is going to retire first. Since women reach career peaks later and live longer, the natural answer would be for husbands to retire sooner. But does that work for your family? It's something to be discussed.

What kind of retirement lifestyle do you envision?

It is sometimes hard to know what sort of lifestyle you want to live in retirement. You need to establish your lifestyle costs and what your financial constraints will realistically be.

Where do you want to live?
While some retired Canadians decide to head somewhere warmer for the winter months, others are not as keen about leaving familiar territory for long stretches of time. Your present home may only act as an expensive mailing address or "staging area " for your future adventures. There are ways to maximize your present home to support your future lifestyle. 
Have you created a retirement income plan?

There is no possible way to determine the lifestyle you will lead in retirement without first creating a retirement income plan. For starters, make sure you understand what goes into a sound retirement income plan - things like a spending plan, asset allocation strategy, and prudent withdrawal strategy. Knowing what sources of income you will have and how you will access these sources is a vital step in retirement planning.


Do you know where all of your assets and important documents are?

It is extremely imperative that both spouses have access to the same information regarding assets, documents and  real estate deeds. To be sure, get together and prepare a list with providers and account information for all bank accounts, workplace savings plans, pensions, mutual funds, brokerage accounts, life insurance policies, and annuities. If everything seems overwhelming, consider consolidating some of your accounts.

Have you named beneficiaries?

Do your beneficiaries have the capacity or time to manage complicated assets like real estate income properties.

Do you understand how your government benefits will work?

The Old Age Security (OAS) Program is the cornerstone of Canada's retirement income system. It provides you with a modest pension starting at age 65, provided that you apply to start the program. If you are a lower-income senior, you might be eligible for the Guaranteed Income Supplement or Allowance. The Canada Pension Plan Retirement Pension and the Quebec Pension Plan also do not start automatically. You must apply for these benefits, and you may start receiving them before you stop working. Check the Service Canada web site or visit a Service Canada office for more details.


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