For Canadian seniors living on a fixed income, protecting your family's future is essential to plan for. But with so many options of Final Expense plans for retirees, finding the perfect policy can feel challenging—especially if you constantly get turned away due to your prior health conditions or lifestyle.
In this blog post, you'll learn how final expense plans provide the financial security you and your family need, despite any age or health concerns. Armed with the right information, you can confidently make an informed decision choosing your tailored policy. And in doing so, you actively secure your family's financial future after your passing.
You don't need to let your age or health stand in the way of protecting your family's future. With a no-medical Final Expense plan, you can secure the financial protection you need without worrying about your health conditions getting in your way. These plans cater to individuals unable to access traditional life insurance due to age or health status.
Simply put, no-medical Final Expense plans skip medical exams. Instead, eligibility only requires you're age 18-74, and have a Canadian address. That's why these plans are also known as Guaranteed-Acceptance Final Expense plans. Meet the two eligibility requirements, and you won't be turned down.
These plans also make it easy to customize coverage for your budget. That means you can alleviate your funeral cost burdens even on a fixed-income.
When considering a Final Expense plan, there are a few key points to keep in mind if you worry about coverage denial. Firstly, you'll need a plan with guaranteed acceptance coverage. With us, you have guaranteed coverage to age 100, and you never have to undergo a medical exams or answer nosey health questions. The approval process is straightforward, and independent of health conditions.
Secondly, rates are only dependent on age, gender, and smoking status, i.e. your health history won't ever affect your premiums. As for the coverage amount, our Final Expense plans offer protection up to $50,000, providing the people you love with a safety net for funeral expenses or any final bills they may incur.
Final expense plans provide several advantages that can benefit both you and your family. For example, not having to undergo medical exams or answer health questions eliminates any obstacles between you and the protection you need. Your health won't affect your rates or eligibility for this plan, offering a sense of reassurance.
Moreover, our Final Expense plans also include accidental death coverage up to $200,000 at no additional cost. Plus, you can receive a 30-day money-back guarantee if unsatisfied with your plan.
These days, you don't need to be an expert in order to find the ideal Final Expense plan. With our simple online insurance questionnaire, you can find the perfect coverage for you and your family without leaving your home! You'll find a great policy made just for you in only a few minutes.
And if in doubt, reach out! If you can't decide on the right coverage, our team is here to help. Our compassionate experts can provide valuable insights and guide you in making the best choice for your specific needs, ensuring you and your family receive the protection and peace of mind you deserve without breaking the bank.
Our company started because we believe insurance should never leave anyone behind. Understanding you have options available to secure your family's financial future is crucial. Like many other Canadians, a Final Expense plan might be the perfect solution for you and your family. It's guaranteed-acceptance financial security. You get protection no matter your age, or health, or lifestyle.
It's never been easier to select a plan perfectly tailored to your unique life circumstances. With the financial protection of a final expense plan, you confidently face the future knowing your family is taken care of in your absence.
Final Expense plans are a practical and straightforward way to provide guaranteed financial security for retirees like you. Regardless of age or health restrictions, these plans deliver the peace of mind and protection both you and your family deserve.
With this in mind, the time is now to embrace the advantages of Final Expense plans for retirees like yourself and your family's future today.
Looking for an affordable life insurance plan that won't turn you away due to age or health? Specialty Life's Final Expense plans provide the protection and peace of mind you and the people you love deserve without the hassle of medical exams or health questions.
Don't Wait Any Longer – Find the Financial Security You Deserve Today!
The thought of leaving your family financially burdened after you're gone can be worrisome, particularly if you're dealing with health issues or living on a fixed-income. Acceptance-guaranteed Final Expense plans offer worry-free life insurance, regardless of health or lifestyle.
In this blog post, we'll delve into Specialty Life's Final Expense plans, their hassle-free application process, and their key advantages. Let us assist in choosing the perfect plan to support your loved ones regardless of age or health conditions.
So say farewell to your concerns and embrace a secure future for your family! Let's dive in.
With no medical exams or health questions, our Final Expense plans provide retirees easy, guaranteed coverage. Above all, these plans are perfect for retirees searching for financial protection without the stress of extensive underwriting or rejection.
Plus, Canadian residents 18-74 can receive instant approval for up to $50,000 to cover funeral costs and final bills. Moreover, our plans ensure guaranteed coverage until age 100, offering you peace of mind throughout your golden years.
Our Final Expense plans come with several noteworthy benefits that make them stand out from other life insurance providers:
Fast, straightforward enrolment you can do online — there's no medical exams, health questions, or paperwork. That means you can easily apply online and be done with it in minutes.
Premiums depend only on age, gender, and smoking status, making it more cost-effective than other life insurance products by other providers.
Age and Canadian residency are the only eligibility requirements, so you can't be denied coverage based on pre-existing health issues.
Your plan remains in effect until age 100, assuring long-term coverage when it matters most. As a result, you can truly set it, forget it, and enjoy your golden years to their fullest.
Your loved ones can use the payout to cover funeral expenses, final bills, or any other financial needs that arise after your passing.
Finding a reliable, affordable, and secure life insurance solution from a company you can trust makes a significant difference in the lives of retirees like you. Of course, who better to share the benefits of working with us as your provider than the many satisfied Canadians who've experienced the benefits firsthand:
| Agent was very informative — guided me through the application process and gave great customer service. The plan I have is all I need and very affordable. Thank you!! I will be recommending!!
Glenda |
They were very helpful and understanding with me. I am not a rich man and they totally helped a guy like me. I feel better knowing things for the future are taken care.
Broyce |
The insurance advisor was very knowledgeable, informative, clear in details, courteous and very patient in answering all my questions. The coverage I got was right for me and very easy to apply for.
Thelma |
In truth, these success stories are just a small sample of the difference our Final Expense plans have made for so many Canadians, and counting. We take tremendous pride in providing accessible, affordable, and secure life insurance solutions tailored for retirees like you. Our belief is simple: everyone deserves coverage.
Compared to others on the market, our Final Expense plans stand out for their incredibly user-friendly application process. It's designed to give you peace of mind without the headaches typical with the other providers. With us, you can say goodbye to medical exams, health questions, and tedious paperwork. Instead, effortlessly secure your family's financial future right from the comfort of your home!
So how do we achieve this? Our brilliant team has developed cutting-edge AI technology to provide you with the best coverage without any waiting.
But don't worry — you don't need to be a tech-savvy genius!
Rather, our team actively uses this tech in the background to eliminate red tape, streamline underwriting, and ultimately lower your plan's cost. In short, you'll get the perks of advanced tech without ever getting stuck talking to a chatbot! You'll always have real people within reach if ever you need assistance or guidance. Our team loves to help!
Making the decision to invest in a guaranteed-issue final expense plan, like any other significant financial choice, requires careful consideration and evaluation of your unique circumstances. These insurance policies provide coverage without the need for an extensive medical examination or underwriting process, making them an ideal solution for individuals facing health issues or those who fear denial due to pre-existing conditions.
By analyzing your personal and financial circumstances, and considering long-term goals, you can confidently determine if a guaranteed-issue final expense plan is the best fit for securing your future peace of mind.
And if you;re still not sure, speak with one of our knowledgeable insurance professional. Our team will answer your questions without pressuring you into a decision.
In summary, guaranteed acceptance life insurance policies, like our no-medical Final Expense plans, offer a simple and economical solution to safeguard your family's financial future, regardless of your age or health status.
That's why these plans are an excellent option for retirees seeking hassle-free approval and comfort regarding their loved ones' financial well-being. This blog post equips you with insights to confidently choose the best Final Expense plan, ensuring a worry-free and fulfilling retirement.
A Final Expense plan from Specialty Life is the smart choice for effortless life insurance that offers financial security and peace of mind for your family. With no medical exams or health questions, simple online application, and helpful advisors if you need it, getting the protection you need has never been simpler.
Take charge of your family's financial future today!
Retirement can be an exciting time in one's life, but it can also be a time of uncertainty and change. That's why it's incredibly important to make new friends so you have support when you need it. For many however, the transition from the workforce to retirement can be a difficult one when it comes to social connections.
Without the daily routine of work, it can be challenging to make new friends and maintain existing relationships. However, there are many ways to make new friends in retirement. Remember, it's never too late to start building new connections.
In this blog post, we'll explore seven ways to make new friends in retirement.
Retirement is a time when many people find themselves with more free time on their hands. However, it can also be a time when people feel lonely and isolated. Making new friends in retirement can be challenging, but it's not impossible.
Here are 7 ways to make new friends in retirement that can help you stay connected and engaged in your community.
One of the easiest ways to make new friends in retirement is to join a club or group. Whether it's a book club, a gardening club, or a walking group, clubs and groups provide a great opportunity to connect with like-minded individuals.
Joining a club or group also provides a sense of purpose and structure, which can be beneficial for those who are transitioning from the workforce to retirement.
Volunteering is another great way to make new friends in retirement. Not only will you be giving back to your community, but you'll also be able to connect with people who share your interests and values.
Many organizations welcome retirees as volunteers, and the opportunities are endless. From working in a local food bank to mentoring young people, volunteering can be a rewarding and fulfilling way to make new friends.
Retirement is a great time to learn something new and take a class. Whether you're interested in art, cooking, or history, taking a class is a great way to meet new people who share your interests.
Many community centers and universities offer classes specifically for retirees, which can provide a supportive and welcoming environment to make new friends.
Traveling is an excellent way to make new friends in retirement. Whether you're planning a group tour or a solo trip, traveling provides an opportunity to meet new people and create lasting memories.
Not only will you be able to explore new places, but you'll also be able to connect with people from different cultures and backgrounds.
Attending community events is another great way to make new friends in retirement. From festivals to fairs, there are always events happening in your local community.
Not only are community events a great way to socialize, but they also provide an opportunity to learn about your community and connect with people who live nearby.
Technology can be a great tool for making new friends in retirement. Social media and online forums provide an opportunity to connect with people from all over the world who share your interests.
In addition to making new friends, you can also stay in touch with old friends and family.
If you are able to make the investment, starting a business is can be a great way to make new friends in retirement. Start a business that aligns with your interests and passions, such as a gardening business, a photography business, or a tutoring business.
This will give you the opportunity to meet new people, network with other business owners, and build a lasting legacy in you community.
Although retirement can be a time of change and uncertainty, it's also a time of opportunity. Whether you're interested in joining a club, volunteering, taking a class, traveling, attending community events, or using technology, there are many ways to make new friends in retirement.
The key is to be open to new experiences and be willing to put yourself out there. Remember, it's never too late to start building new connections, and the friendships you make in retirement can still be some of the most rewarding and fulfilling of your life.
Retirement is a unique experience for everyone. That's why it's important to protect your legacy and secure your future with a life insurance policy or final expense plan. With term life insurance and final expense plans, you can tailor your retirement plan to fit your individual needs. Get started now to start planning for a secure retirement.
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Retirement marks the end of a long career and the start of a new chapter in life, with so many things to do. From staying active to exploring new interests, there is something for everyone when it comes to the next phase in your life!
In this article, we will cover a few ideas to help you make the most of your later life, no matter your financial constraints. That way, you can make sure you make the most of your golden years.
One of the most relaxing and rewarding activities you can do is gardening. Gardening is a great way to get outside and get some exercise. Spend some time tending to your plants, and you’ll reap the rewards of your labor. You can grow your own fruits and vegetables, which can save you money on groceries. Planting different vegetables and fruits also helps to diversify your diet, exposing you to new flavors and tastes.
Gardening also helps to bring the beauty of nature into your home. You can choose flowers that will attract butterflies and other wildlife to your garden. You can also pick out herbs and other plants that will give your home a nice aroma.
Adding a few plants can make any indoor or outdoor space comes with many benefits. It makes the space feel inviting and relaxing. Plus, you can use fresh herbs to flavor your meals and make them more enjoyable. Gardening can help you to enjoy nature while providing you with the means to improve your health and wallet.
Retirement is a great time to travel and see new places. You can plan a road trip, take a cruise, or visit a foreign country. Whether you choose to explore your own backyard or journey to the other side of the world, travel can be a great way to spend your retirement.
Road trips, in particular, are a great way to travel in retirement. You can take your time, see the sights, and discover places you never knew existed. You can plan a weekend getaway, or a longer trip spanning several weeks. With a road trip, the possibilities are endless.
Cruises are another great way to travel in retirement. Cruise ships offer a variety of destinations and amenities, from all-inclusive packages to themed cruises. You can choose a shorter cruise, or a longer voyage that spans multiple days. Cruises provide the perfect opportunity to relax and explore new places.
Finally, visiting a foreign country can be an exciting way to spend retirement. You can plan a multi-week vacation, or a longer trip of several months. Exploring a new country allows you to immerse yourself in a different culture, meet new people, and experience a place like never before.
No matter how you choose to spend your retirement, travel can be one of the best ways to make the most of it. From road trips to cruises to foreign countries, the possibilities are endless. So make a plan, choose a destination, and start exploring the world!
Photography is a wonderful way to celebrate your retirement and to capture memories. You can express your creativity by taking photos of your travels, your garden, or your family and friends. With a digital camera, you can quickly and easily share your photos with friends and family. You don't have to be an expert photographer to enjoy the hobby. Amateur photographers can use simple editing software to enhance their photos and create beautiful works of art.
If you're worried you won't have enough money, don't! You don't need expensive equipment to get started. You can find affordable cameras and lenses online or in retail stores. Investing in quality equipment will help you take better photos, but it is not necessary for beginners.
You can also find tutorials online to help you learn the basics of photography, such as composition and lighting. With a bit of practice, you can create stunning photos that will be cherished for years to come.
Cooking is a fun and rewarding hobby that can also be a great way to entertain friends and family. You can start off by trying out new recipes and develop your skills in the kitchen. Or if you already know some of your favorite dishes, you can practice refining them.
Cooking can be a great way to relax and unwind. With the extra time you have in retirement, you can experiment with different cuisines, master the basics, or just enjoy the process of trying something new. You can also take cooking classes to learn the latest techniques and recipes. Whatever you choose to do, it is sure to be a rewarding and enjoyable experience.
Knitting and crocheting are both relaxing hobbies that can also be productive. You can make beautiful gifts for friends and family or even start a small business selling your creations. With a bit of practice, you can create almost any item you can imagine. From hats and scarves to sweaters, blankets and more, the possibilities are endless.
Not only are these activities enjoyable, but they help keep your mind sharp. With each stitch and each project, you are challenging and exercising your brain. Plus, the accomplishment of completing a project and seeing the final result can be very rewarding. In addition, knitting and crocheting offer a great opportunity to get together with friends and fellow hobbyists. It’s a wonderful way to stay connected, share your stories and make new friends.
Painting can be a great way to express your creativity and make beautiful pieces of art in retirement. You don't have to be an expert to get started, as there are many different tutorials and classes available for all skill levels. If you are just starting out, there are many online tutorials that can help you learn the basics of painting. You can even take a class at your local art supply store or community center to get an introduction to painting and learn more advanced techniques.
No matter what your skill level, there is something for everyone when it comes to painting. You can create stunning pieces of art to show off to your friends and family, or create something meaningful just for yourself. Painting can also be a great way to relax and de-stress after a long day. So if you're looking for a creative outlet in retirement, painting can be a great way to explore your creativity and make some beautiful works of art.
Writing is an excellent way to express your thoughts and experiences. Retirement is a great time to start a blog or write a book. You can document your journey through retirement or share your life experiences with your family and friends. It can also be beneficial to keep a journal. Writing down your thoughts, feelings, and goals can help you stay focused on what matters to you.
Retirement is a wonderful time to explore new passions. Writing is a great way to do this. Whether you are looking for a way to connect with others, document your journey, or simply release your thoughts, writing can be a fulfilling activity. You can start a blog, write a book, or keep a journal. It’s up to you how you choose to express yourself. Writing can be a great way to stay productive, motivated, and engaged in retirement.
Retirement is the perfect time to focus on physical and mental health. Staying active is key to a healthy retirement, and there are many ways to do this. Going for regular walks or joining a walking group is a great way to stay in shape. If you're looking for something a bit more intense, you could look into joining a local gym and taking classes or using the gym's equipment.
Exercise isn't the only way to be active in retirement. Take up activities that keep your brain healthy, such as reading, puzzles, and games. Doing something that challenges your mind can help prevent cognitive decline and keep your thinking sharp. There are also many online resources and classes available to help you stay mentally active.
No matter what activities you choose, staying active in retirement is essential for both physical and mental health. Incorporating exercise and activities that challenge your mind into your daily routine can help you make the most of your retirement.
Woodworking is a great hobby for those who enjoy working with their hands and creating something from scratch. Whether you’re a beginner or a skilled craftsman, metal and/or woodworking is an activity that can bring hours of enjoyment and satisfaction in retirement.
From furniture to toys to decorative items, there’s no limit to what you can create. You can use plans and patterns to guide your project, or design something entirely of your own. You can even take classes or join a woodworking club to learn more skills and techniques. With the right tools and materials, you can make everything from birdhouses to cabinets to rocking chairs.
Metal and Woodworking are both challenging and rewarding. Not only will it help keep you active, but you’ll also have beautiful items to show off when you’re finished. Plus, you can even sell your creations if you choose to. So don’t be afraid to get your hands dirty in retirement and try woodworking as a hobby.
Family is a fundamental part of retirement, and there are many ways to enjoy it. One activity to try when you visit family is researching your family tree. Put your detective skills to work by finding out information about your family history, and even create a family tree.
Another great way to spend time with family in retirement is to mentor young people in your family or community. This is a great way to give back to those coming up in the world, and you can share your hard-earned knowledge and life experience. It can also be a wonderful way to connect with the younger generation and spend quality time with your own family.
Retirement is a great time to make meaningful connections with people in your community. Joining clubs centered around your hobbies and interests is a great place to start. Not only will it give you something to do, but you can make friends with people who have similar interests.
Additionally, taking volunteer positions at local charities, animal shelters, or special events is another great way to make extra friends. Social connections are incredibly important for your physical and mental health, so take advantage of the opportunity to form meaningful relationships.
Whatever your retirement plan, it's the perfect time to pursue activities and adventures that bring true joy, a sense of fulfillment and overall well being.
From engaging in hobbies, exploring new countries, spending time with family, to learning new skills, there are many great opportunities available to seniors that can help them maintain physical and mental health, build new relationships, and enjoy their golden years to the fullest!
Retirement is about more than just having fun; it’s also about financial planning for the future and leaving a secure legacy for your loved ones.
Taking control of your financial security with a final expense plan is the best way to ensure that your family is taken care of when you’re gone, and give you the peace of mind you need to truly enjoy your retirement.
With the right insurance policy, you can make sure that your loved ones are provided for and your legacy is secure.
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While retirement can be a time of great excitement, it's no secret that it can also be a time of great stress and anxiety. That’s why it’s important to remember there are things you can do to keep healthy habits in retirement.
In this article, we'll explain the importance of staying healthy in retirement. Plus, we'll give you great tips on how you can be your healthiest self late into your sunset years.
Let's get into it!
There are many reasons why it's important to try for better health in retirement. First and foremost, your overall health is your most valuable asset. Without good health, it's difficult to enjoy yourself to the fullest.
Additionally, staying healthy can help you keep your independence while saving money on healthcare costs down the road. That means you don’t need to worry about becoming a burden on your loved ones.
Of course, there's more to existence than money. Keeping a healthy lifestyle in retirement also gives you the opportunity to spend more time with loved ones, travel the world, and pursue new hobbies and interests. In short, it allows you to live your best sense of self!
Now that we've talked about why staying healthy is so important in retirement, let's talk about how you can actually do it!
Here are a few great tips :
One of the first steps to take control of your health is understanding the risks associated with retirement age.
As we age, our bodies become more susceptible to diseases and conditions such as heart disease, stroke, cancer, diabetes, Alzheimer's disease, and arthritis. It's important to be aware of these risks so that you can take steps to prevent them — especially if health issues run in your family history.
That’s why it’s a good idea to see your doctor for regular checkups and screenings even if you feel fine. Doing so helps to catch any potential health problems early on so that they can be treated effectively.
Eating a balanced diet is crucial for maintaining good health at any age. But it's especially important as you get older since your body becomes less able to absorb nutrients from food as efficiently as it once did.
Try to make sure your diet includes plenty of fruits, vegetables and whole grains. Also, stick to lean proteins such as chicken, fish, tofu, nuts, and seeds. Finally, don’t forget to eat healthy fats like olive oil, coconut oil, or avocados every day — especially if you have high blood pressure.
Eating right will help boost your immune system and keep chronic conditions at bay. At the same time, you'll find yourself with more energy to do the things you love and stay independent.
Regular exercise is another key component of a healthy lifestyle. It improves cardiovascular health, strengthens bones and muscles, reduces stress levels, boosts brain function, and more.
Aim for 30 minutes of moderate exercise most days of the week. If you're not used to exercising, start off slowly by taking a brisk walk around the block. Then, gradually increase the intensity level until you reach your goal.
Outside of brisk walks, there are plenty of other ways to stay active and maintain your health as you age. Swimming laps or taking a gentle yoga class are great exercises for seniors because they're low-impact and easy on the joints while still maintaining good bone health.
Gardening, tai-chi, and dancing are also great ideas for older adults to stay physically active.
In the end, it’s important to find activities that you enjoy and that fit into your lifestyle.
If you smoke, now is the time to quit. Smoking is one of the leading causes of death and illness worldwide, so quitting will do wonders for your health. Better yet, you save a lot of money when you don’t buy cigarettes!
More money in your pocket means you have more to spend on hobbies and your loved ones.
If you are struggling to quit smoking, try speaking with your doctor about nicotine replacement therapies or other medications that can help. You can also try speaking with a smoking cessation counselor for more advanced tips and advice to cut the habit.
Getting a good night's sleep is essential for good physical health, but also better mental health. Most adults need seven or eight hours of sleep per night. However, it's not uncommon for many seniors to notice their sleep patterns change as they age.
Try to set up a nightly routine, and do your best to keep a consistent sleep schedule. Keeping a consistent schedule can do wonders for your sleep quality.
If you're having trouble sleeping through the night, talk with your doctor about ways you can improve your sleep hygiene.
Everyone feels stressed now and then, but it can take a serious toll on your health if it's not managed effectively — especially in your golden years. Moreover, it can harm your relationships with those closest to you.
If you're feeling stressed, try relaxation techniques such as meditation, yoga, or deep breathing exercises. Additionally, make sure to schedule time for activities that you enjoy and make time for social interactions with loved ones and friends.
It's also good to note the health benefits for both mind and body when you stay active into your retirement years. Physical activity not only improve your physical fitness, but your mental fitness as well.
Not to mention, when you are physically active, you can reduce your blood pressure. That means it's easier to live a longer life, stress free.
Another great tip for a healthy lifestyle is to keep in touch with your friends. Staying connected with friends and family is an important factor for maintaining good mental health. It can help you maintain a sense of purpose in life, while also keeping your mind sharp.
If you live far away from your friends, try using technology to stay connected. Video calling apps such as Skype and FaceTime make it easy to have face-to-face conversations no matter where you are in the world.
Staying social has been shown long to have positive effects on your overall well being, so don't forget about activities like bridge club or book club!
There are many activities to help you stay in touch with your community. Other activities popular with older adults include, but are not limited to:
To find out what social activities are happening in your area, check with your local Chamber of Commerce, religious group, or senior centre. You can also try searching online or asking your friends and family for recommendations.
Finally, make sure you have adequate life insurance coverage in case of an unexpected medical event or accident.
A good final expense plan provides peace of mind in knowing that you're prepared for whatever comes your way. That means you don't ever have to worry about leaving your loved ones with your debt or funeral expenses when that time does arrive.
For anyone with prior health conditions preventing you from getting coverage, or anyone on a fixed income worried about expensive premiums, you may benefit from learning more about an affordable No-Medical policy.
Not only are these plans affordable, but they also won't turn you down — no strings attached.
Keeping healthy habits in retirement are important for many reasons. With that said, it's not always easy to do. That's why it's important to be proactive about your health and take steps to prevent potential problems before they arise.
By following the tips outlined in this blog post, you can help ensure that you'll enjoy a long, healthy and happy retirement!
Now that you know how to enjoy your retirement in great health, it's time to start thinking about life insurance. With that said, we understand that finding the right coverage can be complex and confusing.
To learn more about how life insurance protects you from whatever comes your way, our expert team of advisors are ready to help.
Let us answer any questions you may have so you can find the perfect coverage for your life and circumstances.
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Budgeting in retirement is crucial, especially when you live on a fixed income. It doesn't matter if you retire early or you have a late retirement. With careful retirement planning, you make your nest egg last as long as you need it to.
In this article, we discuss how to stretch your retirement savings in order to make them last longer. We cover budgeting strategies and how to make your money work for you.
Making a budget is an important step to ensure your retirement savings last. In short, when you have a budget and spending plan, you can better track and assess the things you need to pay for in life.
With that said, before we delve into more specific money saving tips, let’s explore how to set up your budget in the first place!
The first step to take when budgeting for retirement is to estimate your retirement income. This includes all sources of income, such as pensions, government benefits, and investments. Once you know how much income you'll have each month, you can start making a budget.
There's no one-size-fits-all answer to this question. The amount you need each month depends on factors like your lifestyle, health, tax-costs, and where you live. However, as a general rule of thumb, you can expect to need about 70% of your pre-retirement income.
Once you have an estimate for your retirement income, you can estimate your retirement expenses.
You'll need to account for out-of-pocket costs like housing, food, health care, tax payments, as well as investment or transportation expenses. Remember to include leisure and entertainment expenses. And, of course, you'll need to account for unexpected expenses.
The biggest expense in retirement is often housing. This includes costs like mortgage or rent payments, property taxes, and maintenance. Other significant expenses include food, transportation, and health care.
The monthly cost of health insurance premiums often increase in retirement. This is because you'll likely need to spend more of your income on health care than young people. Knowing your family health history is one of the best ways to guess what you might need to pay down the road.
Another common expense that increases in retirement is travel. So long as you have the income, spending time in new places around the world is great personal care, as it helps you feel more fulfilled in life.
There are a few expenses that tend to decrease during retirement. One is work-related expenses, such as commuting costs, business attire, and income tax. Another is child and family care related expenses, such as education, or your child's wedding.
If you're on a small budget, there are a few things you can do to reduce your monthly expenses and extend your retirement savings.
Here are some tips on how to budget your retirement savings:
You'll want to take a close look at your expenses and make changes where necessary. This may include cutting back on non-essential expenses, such as dining out or travel. It's also important to make sure you are not overspending on housing costs.
In short, you'll want to ask yourself, "Does this help me achieve my financial goals?" If the answer is no, it may not be necessary.
One of the best ways to make your retirement savings last longer is to live below your means. This means spending less than you earn from your pension and saving the difference. When you live frugally, you have more money to live your best possible retirement life.
For seniors who've fully paid their mortgage, downsizing to a smaller dwelling can save a lot of money on things like property taxes, utilities, and maintenance. Since you don't need to go to work, try relocating to a walkable or bikeable neighbourhood. You won't have car payments, and you'll get exercise while meeting people in your community.
Final expense life insurance can help your loved ones cover the cost of final expenses, like your funeral and outstanding medical bills. It is a really good idea to get one of these personal insurance plans, especially if you have debt in your retirement years.
That's because these plans ensure your spouse and family won't inherit your debt (or its rising interest rates) in order to pay for your final expenses. Your benefits could even be used to make charitable donations on your behalf!
At the end of the day, life insurance gives your future the certainty needed to fully enjoy retirement life.
Pensions don't always pay us what we need for spending cash. Here are some ways you can increase the cash you have to spend on what's important to you in life.
With all of the extra time you might have, starting a small business can be a great way to generate income. However, keep in mind new businesses mean new expenses, and new expenses will affect your income and savings. The last thing you'd want is to spend all of the nest eggs saved in your retirement accounts!
That's why another way to bring in some extra cash is to get a part-time job, whether it’s working in a retail setting, food service, or even part-time for your old employer (That is, if they were a good employer!).
Everyone can save money by using coupons and being strategic about where they shop, but this is especially important for retirees who are living on a fixed-income.
Plus, there are often a lot of free or low-cost services and activities available to Canadian seniors, so take advantage of them!
Clubs and groups for seniors often offer discounted rates on things like travel, education, and recreation, so this is a great way to save cash while also meeting people in your community.
Find out if your community has senior gym memberships. Not only do gym memberships help you meet people, but staying active is a great way to reduce health care expenses down the road.
Instead of going out and spending too much of your budget on entertainment, stay home and find ways to have fun for free or very cheap. For example, try calling up some old friends to have a karaoke night.
Another example, reduce your monthly expenses by switching from cable to streaming services.
If you have extra space in their home, you may want to consider taking in a lodger or renting out a room. This can help offset some of the costs of living alone while providing you with a bit of company.
Plus, investing in your home by building a secondary dwelling can significantly raise the total amount of your home's value!
Creating a retirement budget is an important process that will help you make the most of your golden years. By estimating your retirement income and expenses, you can develop a plan that will allow you to enjoy your retirement and stretch your savings.
Creating a budget plan for when you retire helps your life savings last as long into the future as possible. A final expense plan helps you account for the unexpected costs in retirement. That way, you can make your savings last worry-free.
One of our professional advisors is waiting and ready to help you get the insurance coverage you need today!
Building your nest egg is crucial to be financially secure long-term. Whether for your retirement savings, your first home purchase, or a rainy day fund, contributing to a financial nest egg provides stability and certainty for your future.
In this article, we'll break down how to fund your nest egg in Canada. We'll show you how to get started, tips to grow your savings, and how to protect what you save for years to come.
It's a safe bet to assume that you—like most working Canadians—will eventually want to retire. Moreover, when you finally do reach that milestone, it's safe to assume that you—like most Canadians—will also want to retain purchasing power well into your sunset years.
That's where your nest egg comes in.
Although you might have a pension to cover the cost of living, it might not be enough to cover all of your expenses. A nest egg gives you an extra cushion of cash to depend on while you earn a fixed-income.
But before you start saving any money, you'll need to make a plan.
But first...
The expression originates from 17th-century poultry farmers. Each morning, farmers would set aside a small amount of the eggs their hens laid. Rather than selling these eggs, farmers snuck them into their hens' nests the following night. This was believed to influence each hen into laying more eggs, while preventing them from ever stopping.
In other words, the farmers put aside a small amount of their earnings with the goal of achieving long-term success. This is where the modern use of the term comes from.
Brace yourself for some math up ahead! In this section, we'll breakdown how to start building your nest egg.
Note: If you have a spouse, don't forget to repeat these calculations with their earnings and retirement plan so you can factor in the money you'll both need.
You now have the amount you'll need to put away each week for the first year.
But we're not done yet! To protect your money from inflation, increase your contributions by 2% every year (...more on inflation in the next section).
Overtime, money loses its value. That's why you can't just stash your savings under your mattress.
Instead, you'll want to invest your money into a savings account, or invest it into other assets that will appreciate by at least 2% over time. Why 2%? That's the target rate of inflation set by the Bank of Canada. In other words, even if annual inflation is a bit more or a bit less, over time it will likely average around 2%.
One thing to keep in mind before you invest is that all assets are different. Some have greater risks than others. Knowing your risk tolerance, depends on how long you have left to save your nest egg.
Invest in things like bonds and mutual funds; investments that will be worth a modest amount more over time, and likely won't be worth much less down the road.
Your portfolio has more wiggle room when it comes to investing aggressively. Stock investments, and other assets that may go up and down in value in the short term, but are likely to grow in the long term, are more viable investment options for your retirement account.
TIP: If you have a high risk tolerance, but don't want to keep a constant eye on your investment portfolio, ask your investment broker about ETFs and Mutual Funds.
Although the two are different, they both function like their own portfolios—Both independently managed by expert investors. This means they have the potential to grow faster than bonds, while being very low maintenance on your end.
Despite everything you may do to try minimizing any uncertainty around your nest egg investments, sometimes life just happens.
That's why a cornerstone of every financial plan is adequate insurance coverage. To understand how much protection you'll need, ask yourself:
Now go back to the number of years before you'll need to draw from your savings. This will be the duration of coverage you'll want in order to ensure your nest egg reaches the amount needed for retirement time.
The most vital step to keep your money saved for retirement is simple: Keep it in your retirement account!
...Then again, perhaps that's easier said than done.
One tip is to have your bank put your money into investments automatically as soon as you receive the pay from your employer. That way you never have to think about it and can ignore the account until it's time you need to lay into it.
The other great tip is to consider insurance. With the right insurance, you won't have to dip into your nest egg if you ever need the cash for a medical emergency.
With the right plan, and the right protection, you can make sure you'll have enough money for your entire retirement.
Now that you're building your nest egg, you'll want to start looking for your best insurance protection.
Why not start your search with us? Simply fill out our easy questionnaire and get a quote from our expert team in minutes. There are no medical exams, and you are guaranteed to be approved.
Protecting your savings has never been this easy!
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