Fee-Only Financial Planning / Advising in Kitchener Waterloo Cambridge - WD Development


Planning for Aging

We're all getting older.  Lots of changes go along with that.  Listen to Episode 7 of Sara makes Sense: Decade of Healthy Aging (link to episode on the home page) for my discussion with Margot McWhirter on how to navigate changes in our physical and mental capacity and connect better to our physical environment.


From a financial planning perspective, I work with clients on planning for and managing these changes in a number of ways.


The first discussion is often centred around the house- do you want to stay in your current home?  If you have a spouse or partner- do they want to stay in the current home?  Would a different home be desireable?  In my experience, couples often have different thoughts on the current home, sometimes strong thoughts.  If your plan is to use the value of your home to fund your retirement income needs, it's important to plan for the sale and re-settling.  Although many people carry the idea that a home is an easy way to 'build equity' or build net worth, many often forget that to use that equity/net worth, you need to sell the home to access the money.


If you want to stay in your home, and have other savings/ investments that can be used for income, there are other considerations, as Margot makes clear in Episode 7.  Her comments on the interplay between our physical environment and our capabilities are meaningful- small changes may take a dangerous, frustrating environment back over to manageable and relaxing.  A number of years ago, I worked with a client who was losing her eyesight.  She lived alone most of the year, and wanted to stay in her current home.  After one consultation, she made small changes that made a world of difference in her safety, ability to manage on her own, and her confidence level.


If you would like to see the financial trajectory of how the plans you have in your head for how and where you are going to age play out over time, book an introductory call with Sara.  


If you need to review the intersection of physical capacity, mental capacity and your environment, you can reach Margot here

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Sara McCullough
February 21, 2024
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