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How to Avoid Financial Planning Mistakes

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Senior writing a cheque

Helpful Suggestions for Seniors from the Team at Home Instead

When you retire, you probably expect to spend your new found free time enjoying hobbies, traveling, or visiting with family and friends. Being free from work obligations can be a great relief, especially since you no longer have to worry about the expenses of work attire and community. Your post working life, however, needs just as much consideration as your career days because you are limited to the amount of income you now have available. Having the right mix of investments and savings is a great start. You also want to consider how you can live comfortably on your retirement income.

You can stay home and live independently when you think about the long-term expenses associated with this exciting time of life. Having additional assistance from the team at Home Instead Senior Care Mississauga can give you a leg up. We offer a variety of services to help you or your loved one continue enjoying the retirement years. Look to us for companionship services, personal care, meals, transportation, and household duties.

4 Suggestions to Protect Your Finances and Avoid Money Mistakes

Developing a long-term solution to your financial future is crucial to achieving your ideal retirement dream. Here are four solutions to help you avoid financial planning mistakes:

  • Ask for help. You may have relied on yourself for many things, but most of us are not inherently money savvy. Ask for recommendations from financial advisors or planners. They can help evaluate your current portfolio and offer advice.
  • Be realistic about your medical costs. With age comes a change in health which translates into more doctor visits and higher medical costs. Staying fit and eating well is one way to keep costs low, but one accidental slip can be quite expensive. It is a good idea to maintain a budget for those eventual fees.
  • Consider how you can rethink your lifestyle. To make your current income and savings last longer, you want to live within your means. You may want to downsize into a smaller home where you can afford the upkeep and insurance. Look for items to eliminate so that you can enjoy other areas of your golden years.
  • Remember to factor in inflation. When you were a teen, you could probably take a date for dinner and a movie for $10. Today, you are your loved one can buy just enough gas to get to the restaurant for that same amount! Prices of goods and services will continue to rise; it’s good to be prepared.

Protect Your Golden Years with Help from Home Instead

Age in place and in comfort when you take control of your finances. Seek timely help from the team at Home Instead Senior Care. One of our caring and highly-trained caregivers can provide the additional support you or your loved one needs. We help the elderly and their families with a variety of senior care services and resources. Keep your elderly parent or family member at home with our help.

Call us at (905) 276-2273 to schedule a no-obligation in-home consultation. Learn more about the compassionate, quality home care for seniors we deliver each day to families in our Mississauga community.


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