Are you planning your Retirement? Here’s what you must know
Out the many financial goals we have, one of our primary concerns is funding our post-retirement life. We consider different ways and means to fund it. This is very critical as in case you get it wrong there is no looking back. So you must do your research well and be doubly careful before you start investing.
Are you relying on homes to fund your retirement?
As per one of the latest research studies on investment for retirement by the Ontario Securities Commission (OSC) it was found out that many Ontarians could be overestimating their ability to finance their retirement using their homes. The study had its base on a survey of Ontarians who aged 45 years and above. It took into account their financial knowledge, attitudes, and behaviors towards retirement planning.
It revealed that as much as 45% of the pre-retired Ontario homeowners rely much on the value of their home increasing to fund their retired life. It was also found from the study that homeowners without any retirement savings or plan are among those most likely to be counting on the continued appreciation of their home.
The survey also claimed to have found substantial gender differences. In this regard, it was found out that women aged 55 and older reported that they are more stressed when it comes to retirement planning. According to experts in the field owning a home is not a substitute for retirement planning.
What does this mean to you as a Pre -retiree?
From the study, therefore, it is clearly evident that in case you too as a pre-retiree and relying on your value of your owned home to fund your retired life, it is for certain not the right thing to do. When it comes to financial planning the first thing to do is stop doing the wrong things and then look for the right solutions and the right advice. You, therefore, need to invest in other instruments for your retirement planning.
We at “The Accounting and Tax” have been into financial & tax consultation in Canada for long. In case you are on the lookout for the right financial advice and consultation to achieve your financial goals do get in touch with us.
