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By Lisa Laredo
The oldest of the baby boomer generation are now entering their retirement years and it is estimated that by 2036, seniors will represent about one quarter of the total population in Canada.
Seniors are going to want to downsize and sell their current homes to move into condos, bungalows and maybe a senior citizens’ home.
Here are some tips to making an easy transition into retirement:
1. Do not wait until your aging parents or you cannot make your own decisions.
2. Be clear with your directions to maintain your dignity and have your Will and Power of Attorneys in place while you still have the capacity to do so.
3. Consider transferring title of your home but speak to a professional before doing so to ensure you know what rights and control you are giving up.
4. If you are married, you may want to consider being joint tenants with your spouse on your home, which automatically transfers the property to the surviving party. Speak to a professional before doing so to canvass your options.
5. Speak with your bank/ financial institutions/ credit card companies so that no person can take advantage of you.
6. Arrange for your care and support plans.
7. Make sure you inform your loved ones of your affairs such as where you bank; if you have insurance policies, stocks, bonds; and any other information you think is relevant.
Once you are in a state of incapacity, without your intentions being clearly articulated, you could end up not getting the care you deserve or living where you want. You could be taken advantage of or you could be taken care of. You have the chance to get your affairs in order and to deal with your property responsibly, so why wait to have these choices made for you? Watch Video