When it comes to your cottage, there’s no one-size-fits-all succession plan, as well there are plan for early retirement and reverse mortgages
Amid rising values for recreational properties, not to mention annual costs such as taxes and upkeep, the unhappy challenge for many older Canadians is how to sell the cherished family cottage without upsetting their children.
He notes that prices for vacation properties soared during the pandemic when people began working remotely. Now, with urban property prices retreating with higher interest rates, he expects more recreational property to come on the market.Paul Brent reportsWhen it comes to your cottage, there’s no one-size-fits-all succession plan, writes Tim Cestnick in the Globe.
“There’s a saying that you shouldn’t retire from something but rather to something, and we did just that. But I didn’t want retirement to be one long round of self-indulgence; I was afraid of not being productive, and volunteer work took care of that.” They are hearing conflicting reports about reverse mortgages, “but for a couple like us, with no kids to worry about leaving money to, it seems to make sense,” Maeve writes. “We would like some cash on hand for expenses like vet bills for our kitties, new eyeglasses for each of us and perhaps the occasional short trip.”
“Often, I end up having discussions with clients about how much they can help out their children, whether it’s for a wedding or otherwise, without compromising their own finances.” After a stint working in retail, she got a job with a Xerox dealer and worked another eight years before being told, once again, that it was time to retire. That was last year, and after a winter without work, Ms. Catena is itching to get back in the game. She says she was always so focused on her work that she didn’t explore many extracurricular activities, and now she doesn’t know where to start.
We asked Jason Heath, certified financial planner and managing director at fee-only planning firm Objective Financial Partners Inc. in Markham, Ont., to answer this one:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Advice | Extending mortgage period could keep payments in check even as rates riseOTTAWA - Canadian homeowners may be in for a shock when it’s time to renew their mortgages, since rising interest rates mean their monthly loan paymen...
Read more »
Telus to buy LifeWorks in $2.9-billion deal - National | Globalnews.caLifeWorks, formerly Morneau Shepell, helps companies with employee and family assistance plans, absence management, pension and benefits administration and retirement planning.
Read more »
B.C. man set out for Ottawa to assassinate Trudeau after killing his mother, court hearsRyan Grantham, 24, loaded his car with three guns, 12 molotov cocktails and a map with directions to Rideau Cottage
Read more »
B.C. man set out for Ottawa to assassinate Trudeau after killing his mother, court hearsRyan Grantham, 24, loaded his car with three guns, 12 molotov cocktails and a map with directions to Rideau Cottage
Read more »
Anatomy of a Scene: Cottage-country comedy ‘The Lake’ - Macleans.caSet in northeastern Ontario, PrimeVideo’s new eight-episode series The Lake is a cottage-country comedy loosely based on writer Julian Doucet’s life.
Read more »
Extending mortgage period could keep payments in check even as rates riseCanadian homeowners may be in for a shock when it's time to renew their mortgages, since rising interest rates mean their monthly loan payments will likely climb higher, too.
Read more »