As you get older, maintaining a stable and secure financial outlook becomes increasingly important. On average, Canadians are living longer, which means more financial resources and more careful management of those resources is necessary to ensure they last for as long as you need them to. Proper financial management can help you enjoy your retirement and ensure a comfortable future.
Whether you're already retired or approaching retirement, here are some essential tips to help you navigate your finances as an older adult.
1. Work on financial literacy and stay informed: “Financial literacy” refers to the knowledge, skills and self-confidence needed to make responsible financial decisions. As financial landscapes change over time, staying informed about economic trends and investment options is crucial. Regularly read financial news, attend seminars, or consult a financial advisor to make well-informed decisions.
2. Review and adjust your budget: Take a close look at your income sources and expenses. Create a comprehensive budget that reflects your current situation. Consider factors such as healthcare costs, travel expenses, and leisure activities. Regularly review and adjust your budget as circumstances change.
3. Understand which fiscal measures can help you: Fiscal measures are often proposed to reduce the tax burden of older adults and reduce poverty, but finding the fiscal measures to which you are entitled can make you dizzy! And understanding whether you are eligible can makes things even more complex. Tax professionals, such as accountants, can help you navigate the fiscal system. There is also a simple tool developed by the Government of Canada that allows you to obtain a personalized list of benefits to which you may be eligible: http://www.canadabenefits.gc.ca/
Taking control of your finances in your older years can provide a sense of security and peace of mind. By following these tips and seeking professional advice, when necessary, you can enjoy a comfortable retirement and make the most of this wonderful phase of life.
