This week on the Women's Wealth Canada Podcast, we are talking about How to Plan for Changes in your Health and Lifestyle in Retirement.
As you make plans for retirement, it's important to remember that your health and lifestyle needs may change over time.
One of the first things you'll need to do is to prepare a financial plan when meeting with a financial planner. This will give you an idea of your cash flow requirements over the years for the rest of your life. You'll need to know how much money is coming in and going out each year and whether you have enough saved to make it all work.
Research shows that expenses in our 60s are typically higher than they are in our 80s and beyond. During our 60s and 70s, we may be traveling more, visiting our grandchildren, and ticking things off our bucket list. Travel health insurance premiums typically increase with age, making traveling harder in our 80s and beyond.
As we reach our 80s, out-of-pocket healthcare costs tend to increase, which is why many people prefer to stay at home more often. In-home care is available, and it's necessary to start gathering information about available services near you. Assisted living facilities can also be similar to being on a cruise, and they provide a great deal of activities and a strong social element.
It's essential to maintain your physical, emotional, and spiritual health in retirement, along with your financial freedom. Finding an activity that you enjoy, preferably with a social element, is essential for good health as we age. Purpose is also a deep driver of well-being, and knowing what you value is the best place to start. An exercise to try is to answer the following three questions for a week:
what you need more of in your life:
what are 10 things you're grateful for today, and
what are five words that describe you best and why.
After a week, you'll be able to see some patterns and start focusing on doing things that are important to you to have a happy retirement.
Remember, as you adapt your home to fit your needs and preferences, you'll be able to stay in it for longer. The longer you can adapt your home, the more comfortable you'll be in it. Planning for changes in your health and lifestyle may seem complicated, but with the right tools and preparations, you can be comfortable in your retirement years.
Join us inside the podcast to learn more.
Hosted by Glory Gray, BSc Finance, MFA
Take Action:
Watch the webinars: 📽 The Real Questions to Ask Before You Retire
📽 Building a Rich Retirement: The Social Network Equation
Download our free guide:
🔻12 Smart Questions to Ask When Interviewing a Wealth Advisor
Contact us for a 👉 Free Wealth Consultation
Join our community! Fill out our 🍏 Client Application Form
More ways to contact us:
Website: GloryGray.com
Facebook: @GloryGrayWealthSolutions
LinkedIn: Glory Gray
Instagram: Glory Gray
Popular Podcasts
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.