Being Truly Retirement Ready

When envisioning retirement, most Canadians feel emotionally prepared for the next chapter – less work stress, more freedom, and cherished time with family finally here. But financially, anxiety lurks. Are the savings truly enough?

Recent surveys reinforce this angst, with over 75% of near-retirees having under $100,000 saved. With 2 or more decades of retirement ahead and constantly rising costs, adequately saving is a widespread struggle. Drawing from your investments too quickly can drain portfolios dry within 10-15 years. This forces many retirees to work longer out of necessity rather than choice – over 50% of Canadians over 60, in fact. Without enough savings, they work to pay the bills despite craving life’s next phase. Others hoping to retire and pursue passion projects or career changes run into harsh realities as well. Significant income or benefit reductions make following dreams impossible. The truth is many feel trapped working longer, even if emotionally done.

So what does being “retirement ready” actually mean? It’s achieving both financial and emotional security. This stability lets you retire on your own terms and timeline – by choice, not compulsion. 

Luckily, strategically utilizing an overlooked retirement asset can help bridge savings gaps without upending your ideal timeline or forcing undesirable work. This asset is your home through a reverse mortgage.

By accessing tax-free funds from your home equity over time without monthly payments, you generate supplementary income to cover shortfalls. This prevents dangerously rapid savings withdrawals, so hard-earned money lasts years longer.  Ultimately, reverse mortgages enable the flexibility to retire comfortably when you’re emotionally prepared. It also empowers working longer for purpose vs pressure. Utilizing all retirement resources wisely is key.

The reality is retirement readiness takes more than amassing a magic savings number. It’s achieving both emotional freedom and income stability and being able to step into this new phase of life on your terms.

If you are feeling like you might be ready but need the building blocks to help get you there, let’s connect to discuss how a reverse mortgage might help you.