HUNTSVILLE, ONT. -- Home, health and family, that is where it is at for retirees.

IG Wealth Management released the results of a study showing Canadians are now rethinking their approach to retirement planning. The study, which was conducted by Pollara Strategic Insights for IG, found that nearly half of Canadians who are not currently retired say the pandemic has made them rethink what their retirement will now look like. 

The findings showed that 63 per cent of respondents would now prefer to spend their retirement in their own home rather than a retirement facility, half say the pandemic has made them prioritize being closer to family and remaining in Canada, rather than living abroad, while one-third who are not retired feel the pandemic will cause them to delay their retirement plans.

Given the pandemic and the devastation in retirement facilities last year, these results are not all that surprising.

However, in order to stay in your home later in life, you have to prepare for that today. The luxury of staying put comes with a price tag and some pre-planning.

1) Identify support services in your community - whether is it food delivery or medical support. In order to feel independent and self-sufficient, you need to set yourself up for success and align yourself with the resources that can help you.

2) You may need in-home care and no one expects you to go it alone. In fact, maintaining relationships and socialization are both key. In many cases, it is adult children that will step in to care for aging parents. It may be hard, but flexibility is key and you need to know whether your family have the capacity to take this on...not only their willingness, but also their ability to do so.

3) Set up powers of attorney for health and wealth decisions in the event you are unable or unwilling to make decisions for yourself. The perfect time to set up these designations - five years before you need to.

4) Reevaluate your health coverage and make the necessary changes to your home so it is equipped to help prevent falls - a fall could seriously compromise your ability to live independently.

5) Know your numbers - just how much will it actually cost you to live independently in retirement when supported with the right people, services and products to facilitate the process.

The key here is to have a game plan that is put into place today, not on retirement day. Be razor sharp on how you want to spend your retirement and how you will fill that time in retirement. And it isn't just about the money - wealth preservation, tax planning and estate budgeting are all key components of a responsible plan.

You can be in the drivers seat of your life if you set yourself up for success today.