Valley First

Real Estate Sell-Off To Fund Retirement For 70,000

Real estate sell-off to fund retirement for 70,000 across the Okanagan, Similkameen and Thompson valleys
November 6, 2012

Penticton, B.C.—A recent survey revealed one in three Canadians over the age of 45 believe they will need to sell their real estate investments to support themselves through retirement. With about 230,000 people aged 45 or older across the Okanagan, Similkameen and Thompson regions, more than 70,000 people will be looking to part with their estate holdings to fund their future lifestyles.

While funding retirement can mean selling off real estate, downsizing or putting the family home on the market, Valley First's Jay Christensen says a better option is to get an early start on your savings.

“Saving is a habit,” explains Christensen. “Like any habit we've got to work at it so it becomes second nature. The earlier we can train ourselves to put some money aside, the better off we will be in the long run. Many of our older members I speak to say they wish they'd started planning for their retirement earlier.”

Another factor leading to the need for greater retirement income is the climbing life expectancy - nearly 90 per cent of survey respondents anticipate they will live past 80. With the current retirement age set at 65, that means having the funds available for more than 15 years of retirement expenses.

“It's no secret, people are living longer,” says Christensen. “Many are also working longer as a means to fund their retirement. The days when you could hang up your work clothes for good sometime in your 50s are quickly passing us by, so it's important to have a sound financial plan.

“At Valley First, we want to ensure people can enjoy their retirement. To help them achieve their goals we do what we can to get to know our members and understand what they truly value. With that information, we work together to develop achievable financial plans that will help create a strong financial future.”

For many, retirement seems like a long way off, but Christensen says those who have successfully built up a healthy nest egg, often pass on a common piece of advice - discipline.

“There seems to have been a generational shift in attitudes toward money,” notes Christensen. “Our parents took a lot less for granted, which for many meant a more cash-conscious lifestyle. I think a lot of us would be better off if we could learn a few spending and savings lessons from the past.”

Valley First is a division of First West Credit Union, B.C.'s third-largest credit union, which has 40 branches and 29 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Okanagan, Similkameen and Thompson valleys. Led by Launi Skinner, First West has $7.1 billion in assets under administration, more than 171,000 members and close to 1,300 employees.

About Valley First

Valley First is a division of First West Credit Union, B.C.'s third-largest credit union, which has 40 branches and 29 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Okanagan, Similkameen and Thompson valleys. Led by Launi Skinner, First West has $7.1 billion in assets under administration, more than 171,000 members and close to 1,300 employees.

Have a question? We can provide you with the information you're looking for.

Online

Use our contact form to send us a message—we'll be sure to reply to you with the details you're looking for shortly.

In Person

If you're more comfortable coming in to see us, we'd be happy to chat with you about the questions you have.

By Phone

If you’d like to call us, here is a complete list of our branch and insurance office numbers.

 

 

Social Feed

Visit us on Facebook or Twitter

Sign up for our e-Newsletter