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Staying Connected in Retirement

Adding social planning to your financial planning can make a big difference to your health during your retirement. 1 (Lumino Health Jan. ’23)

Retirement is a big life transition. When people leave work, some people let go of a big part of their identity. But preparing for the change can help you thrive. But we often overlook the importance of our social lives as we leave the working life.

Evidence on social connection in retirement

RRIF Taxation

Hello;

One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s RRIF can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis.

Common Guidelines for your financial affairs

Hello;

Here are some simple common-sense guidelines to keep your financial affairs in order:

1) Know where you stand financially: Keep a close eye on your net worth: everything you own less everything you own. Make sure it is moving in the right direction.

2) Living within your means: Do not spend more money than you make

3) Pay yourself first: Every month, take a certain amount of money from your pay cheque and put it into savings

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