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Retiring with More Wealth

Retiring with More Wealth


retired couple siting on a beach

If you’re dreaming of retiring, but not sure how you’ll afford it, you’re not alone. Canadians are living longer, but with the cost of living so high, it’s difficult to plan financially for a much-anticipated retirement. While many people are happy to work long past the traditional retirement age of 65 years old, we don’t want to be in a situation where we need to work throughout our golden years just to stay afloat.

If you are a home-owner, you can have peace of mind knowing that your home is a very valuable asset; it can help you enjoy your retirement and have more cash-flow when needed. Here are some helpful ways that your home can help:

Go small & downsize

Most of us don’t need or even want a big home to maintain after the kids have moved out. Big homes are more costly too – from property taxes to utility bills, the expenses can add up. Why work at maintaining a large home when you can downsize into a cozy apartment, condo or townhome? You’ll have less stress and upkeep, and more money in the bank.

Rent it out – Airbnb style

If travelling or spending extended periods of time with family or friends is in your retirement plans, why not rent out your home while you’re away? You can use a professional service to help find good candidates – which, although there are fees involved, they offer more security. Alternately, you can ask for referrals from friends, family or neighbours. The extra earnings can really add up.

Sell your home and rent

Selling your home without buying a new one is a riskier financial move, even you have a considerable amount of equity in your home and you’re sitting on a goldmine. If you do decide to sell your home and rent indefinitely, be sure that you have a solid, well-researched investment plan in mind for the money you’ll make from the sale. Even if it’s a million dollars, if it’s invested poorly, your money may run out before you do.

Consider a home equity loan

If you’ve owned your home for a while, it’s very likely that your home’s worth home has grown. For some lucky people who have lived in their homes long enough, it may even have doubled or tripled in value! If your home’s current value is higher than your mortgage loan, it may mean that you are eligible for a home equity loan (also called a reverse mortgage). It’s essentially taking out a loan with reasonably low interest rates using your home’s equity. You will pay interest on this loan similar to a mortgage. Even if you don’t have a mortgage at all, you can still use the equity in your home to free up some money, which you can use for a vacation, investment, or as a deposit on a retirement villa…or whatever else you have in mind.

Our economy is ever-changing, but owning a home is typically a sound investment. Whether you are planning on a retirement that’s years away, or you’re new to it all, it shouldn’t be a time of stress and uncertainty. You’ve worked hard; you deserve some serious “R and R”. If you have any questions or concerns about financing your retirement or you would like to explore the ways you can use your home to gain a financial leg up, be sure to connect with me 705-315-0516. I’m an experienced, accredited financial planner in addition to being a mortgage broker. As such, I can help you navigate your options with expertise and sound advice you can trust.

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