Retirement, as most people know it, has only been available in Canada for about 60 years, and sadly, for most, it is clearly not working. There is a myriad of reasons for this, but as Pogo said, “We have met the enemy and he is us.”
Retirement has now become the longest set of phases in an individual’s lifetime. Each phase places different expectations and demands on your assets, investments, spending and security. There are lots of issues to consider, and many things that can keep you up at night.
First and foremost, you need to be able to separate needs from wants. This is not easy, as discretionary expenses (wants) are often the core of many people’s lifestyle which, in turn, supports their social well-being.
Then you need to stress test the assumptions that you are using in your planning. Not just once, but often, to make sure that those plans, strategies and solutions continue to do the job they were designed to do when you first set them up, and more importantly, that they are still appropriate.
And remember, no retirement plan is complete without a plan for long-term care.
There are a lot of moving parts. Consequently, retirement advice is both an art and a science. And because most people do not become good at something they only do once, advice at retirement is extremely important.
It’s not surprising the best financial decisions are made when you, as a client, play an active role in the decision-making process. However, you can only play an active role if you have a good understanding of the key issues and options.
Therefore, working collaboratively with a retirement advisor who makes the time to really understand you and what you want to accomplish with your life in retirement will go a long way to ensuring that the financial decisions you make around your retirement will be in your best interest. (We’re assuming that’s a worry-free retirement.)
As an aside, those people who planned for their retirement tend to be happier than those who did not.
Therefore, if you want a more intimate relationship with an advisor focused on putting the different pieces of your retirement puzzle together in the best way possible, and not just focused on products that provide money, you’re at the right place. We could be the longevity navigator that you really need.