The 3 Retirement Decisions Calgary Professionals Say Are Vital Right Now
When it comes to retirement planning Calgary professionals say the amount needed differs for everyone, and will heavily depend on your age at retirement. Despite you age now, there are three decisions that are vital for everyone considering retirement. Retirement Decision #1 Financial planners suggest pre-retirees save an aggressive 80 percent of pre-retirement income to maintain the current standard of living. Of course, this will vary depending on the lifestyle. During retirement you pay less in taxes, spend less on children and have less of a mortgage burden than you did while working. The way you decide to spend your retirement years will impact how much income you’ll need. Create a smart pre-planned budget that details the expenses likely to decrease and the expenses likely to increase. The more detailed your spending habits are, the more accurate retirement picture you will have. Retirement Decision #2 It’s great that we’re living longer; on the other hand, a longer life expectancy presents a dilemma in developing an airtight retirement plan. How much income will you receive annually during retirement? Financial planners remind us to take inventory of all retirement sources, including cost-of-living adjustments. Pre-planning is vital. For example, social security typically has a cost-of-living increase, yet your company pension probably will not adjust annually. If you own rental property, you will probably adjust the rental income for rent increases. The biggest question is do you currently have enough money set aside to reach your retirement goals? If not, depending on your age, you will have to make a few sacrifices. Possible solutions include living on less, saving more, working longer past the normal retirement age or moving to a less expensive area to retire. Retirement Decision #3 Many retirees have traditionally placed the burden of care on their families, yet this has left millions looking at nursing home care. Becoming a caregiver is difficult, and while it may start out as a loving burden, many retirees simply deserve better. Seniors have two basic options: accept the risk of depleting their savings and hope they do not require care or purchase insurance. Long term care insurance allows seniors to live out their remaining lives how they choose — in their own homes, in an assisted living community or upscale nursing home. Estimating what you can pay out-of-pocket is challenging, unless you can see the future. Nursing homes, assisted living and home healthcare typically cost approximately $100 — 150 per day. If you or your spouse ended up in a nursing facility, how would it impact your retirement income? Just keep in mind that there are three retirement decisions that can profoundly impact your lifestyle. You should sit for a while and rethink your retirement, and evaluate your options.
4 Reasons Homeowners Should Hire Experienced Property Managers In Camperdown
Investing in real estate is a great way to make money. There are many people who purchase rental properties and make a living off the revenue from the rent. If an investor is going to buy a rental property as an investment, they should understand that there can be plenty of hassles that go along with owning a rental property. If the property owner wants to make money from their rental property and avoid all of the headaches, they should hire experienced property managers in Camperdown. There are plenty of ways that a property manager can make owning a rental property easier and more profitable. Vetting Potential Tenants Most people who own rental properties have other jobs and investments that require a good deal of their time. This can make it hard to do the necessary research on potential tenants. A property manager will know what type of information to include on the rental application and they will follow up on it. Employers, previous landlords, and references would be contacted to be sure that the information that the applicants give is accurate. Also, background checks would be performed. All of this research is important if the property owner is going to get quality tenants to move into the units. Lower Tenant Turnaround When there are empty units in a rental property, the property owner would lose money every day. Since the building is an investment, the only way the owner will make money is to keep the units occupied at all times. A property manager will make sure that only quality tenants are moving in, which means that there is little chance of the tenant being evicted or skipping out on the rent. Rent Collection Collection the rent weekly, bi-weekly, or monthly can be a hassle. Most busy investors don’t have time to go door to door when the rent is due to collect it. This is especially true if they often have to chase down the tenants to get their money. When the property owner hires a manager, they will have someone to handle the rent collection for them. If a tenant is late, the manager can deal with the tedious task of sending out late payment notices. Building Repairs If something in a tenant’s unit breaks, it is the landlord’s responsibility to make the necessary repairs within a reasonable amount of time. Unfortunately, things can break at any time of the day, which means that tenants will be calling the landlord at all times of the day and night. If the property owner hires a manager, they will have someone to handle the tenant calls for them. Also, the property manager will be the one to contact the right people to make the repairs. Owning rental property can be very lucrative, but it comes with plenty of headaches. The best way for a property owner to avoid the headaches is to hire someone to manage the property for them.