How to spend wisely during your golden years

Many consumers entering into retirement need a plan that exercises a balance between financial discipline and wise spending

Better Business Bureau

After saving for a lifetime many consumers entering into retirement need a plan that exercises a balance between financial discipline and wise spending, according to the Better Business Bureau (BBB) of Mainland B.C.

“Now that the paycheques have stopped, consumers need to ask themselves how to keep the money pot going for the next 30 years,” says soon-to-be retired BBB president and CEO, Lynda Pasacreta.

The Better Business Bureau would like to offer advice on how to spend your nest egg responsibly:

• Turn your retirement dreams into realistic plans. Spend with the thought that you will have to make your money stretch for three more decades.

• Start with a budget. Take into account basic monthly living expenses, and then look at other bigger costs like home repairs. and maybe travel.

• Look into personal health realistically. Look into costs for assisted-living and long-term care facilities. Also consider health insurance that can provide coverage for long-term care.

• Keep an eye on your money. Continue to monitor your investments.


Just Posted

Vavenby kids have fun sledding

“It was really fun. We just zoomed down the hill!”

TNRD seeks to ban sale of recreational pot ahead of legalization

The ban aims to prevent shops from opening before rules have been set out by the province

It’s time for a rotating gas boycott

Rambling Man says things will only change if the people of B.C. stand up and say enough is enough!

Couple grateful in aftermath of fire

Workshop fire destroyed tools and equipment but nobody was injured in blaze

Cycle relay seeks to raise pipeline awareness

The relay began in Valemount on Saturday, March 17 and will end in the Kamloops on Tuesday

Ottawa proposes restricted pot labels, packages

Packaging will include red stop sign with marijuana leaf and ‘THC’

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Golden Knights win 4-1, remain undefeated against Canucks

Vegas gets points from 12 players in dominating effort versus Vancouver

Alberta budget plans for Trans Mountain expansion

Finance Minister Joe Ceci says expected revenues will be factored into budget forecasts

Proposed gun bill attacked by gun owners and shooting victims

The federal government tabled the bill today in order to tighten the sale and tracking of firearms

New anti-radicalization centre in the works for B.C.

Centre aims to help ‘vulnerable individuals on the path to radicalization’ before they turn to crime

B.C. bravery, public service honoured by Governor General Julie Payette

UVic basketball coach Kathryn Shields inducted into Order of Canada

Sea lion with rope wrapped around neck saved by Vancouver Aquarium

Steller sea lions are a species of special concern and some populations are endangered in parts of Alaska

Most Read