Retirement in Canada looks very different today from retirement 20 or 30 years ago. In years past, Canadian workers stayed with the same company for the majority of their career and built up a sizable pension plan. Between this pension and government benefits, most retirees had enough to get by, even without significant savings.
Today, corporate pension plans are a thing of the past and government pension plans are insufficient to meet your needs. The onus is on the individual to save enough, invest wisely, and make good choices to ensure you have enough of a nest egg to carry you through your retirement. Unfortunately, the economic downturn of the past few years has hit many older workers right where it hurts – their savings! Lots of people are choosing to work longer and lots of retirees are choosing part-time or contract-based employment options to supplement their retirement savings.
Fortunately, the housing market in Canada and specifically the Ontario real estate market continue to grow and thrive. Many senior investors and baby boomers are turning to invest in income properties to secure the retirement they’ve been dreaming of.
The approach can vary depending on your specific needs and there are lots of opportunities out there. Whether you wish to downsize your home to free up equity, invest in an income property, or rent out your current home and move to a condo lifestyle. Investing in real estate can be a great way to secure a relatively stable return on investment while accounting for inflation.
Sadly, there are lots of unscrupulous people in the world looking to pad their pockets with your hard-earned retirement savings. Financial abuse is the most common form of elder abuse in Canada. It is shockingly common and on the rise across the country. Pyramid scams, lottery scams, reverse mortgage fraud, and identity theft are just a few of the dirty tricks con artists use to target vulnerable seniors.
The elderly tend to be singled out and targeted by scammers and con-artists as they tend to be more venerable and easier to defraud. You can protect yourself and your savings. Watch out for high-pressure sales tactics and remember the golden rule – if it sounds too good to be true, it probably is! Always work with legitimate professionals with a proven track record and a solid reputation. Don’t be afraid to ask for advice from someone you trust before making any major decisions and consult a legal professional before signing contracts or other documents.
At Buttonwood Property Management, we have chosen to define our company by our core values. Our goal is to build lasting, meaningful, mutually beneficial relationships with our clients (and their heirs) and we always strive to act with integrity and treat our clients with respect. We believe we have a responsibility to treat others as we wish to be treated and we try to take special care of all our clients and specifically the elderly. We can help you find, buy, rent, and manage your income properties and facilitate your financial freedom well into your retirement.
Like most companies, we run lots of special promotions throughout the year for limited durations, but our senior clients (ages 55+) never need to wait for a sale. We extend to our senior clients a 25% discount on all our standard rates to cover all our service offerings.
Check out our website for more information and contact us today to learn how we can help you succeed in real estate investing and enable the retirement of your dreams with income properties.