Longer, More Acvtive Retirees need different planning
The concept of retirement has undergone a shift. Gone are the days when retirement meant an endless stretch of leisure and relaxation. Today’s retirees are living longer, staying active, and redefining their golden years with purpose. For Canadians aged 45 and up, this new retirement reality demands a fresh perspective—and highlights the critical importance of working with a financial planner. Specifically, starting with an advice-only financial plan can be a game-changing decision.
Why Retirement Planning Is More Complex Than Ever
The numbers tell the story. By 2046, Canada’s population aged 85 and older is projected to triple to nearly 2.5 million. Many in this group won’t just be living longer—they’ll be living better. Improved health and vitality presents both an opportunity and a challenge.
Retirement today is no longer one-size-fits-all. Some retirees may choose to continue working, pursue passion projects, or travel extensively. Others might need to supplement their savings to maintain their lifestyle. This evolving landscape raises critical questions:
How can you ensure your money lasts as long as you do?
What’s the best strategy to maximize your pension or government benefits?
How do you fund a lifestyle that aligns with your dreams while mitigating risks like inflation or unexpected expenses?
These are not just financial questions—they’re lifestyle questions. They demand a personalized approach that integrates financial expertise with an understanding of your values, needs, and goals.
The Power of an Advice-Only Financial Plan
If you’re over 45, the stakes are higher, and your financial decisions carry more weight than ever before. An advice-only financial planner can be your best ally for several reasons:
Objective Guidance Without Sales Pressure
Advice-only planners are compensated for their expertise, not for selling products. This means you’ll receive unbiased recommendations tailored solely to your needs, not a commission-driven agenda.Comprehensive, Personalized Planning
With no cookie-cutter solutions, advice-only planners take the time to understand your dreams for retirement, whether that’s pursuing a second career, volunteering, or traveling the world. They’ll craft a strategy that ensures your finances align with your vision.Mastering the Nuances of Retirement Income
Retirement income planning is far from straightforward. Should you draw from your RRSP first or delay withdrawals? What’s the optimal age to start Canada Pension Plan (CPP) or Old Age Security (OAS) benefits? Advice-only planners specialize in answering these questions, helping you make informed decisions that maximize your income over time.Flexibility for a Changing Landscape
Life doesn’t always go as planned. An advice-only planner can help you adapt to changing circumstances, whether that’s unexpected health issues, market volatility, or new opportunities that require financial pivoting.
Why Now Is the Time to Act
For Canadians aged 45 and up, the decisions you make today will define your retirement tomorrow. The sooner you engage financial planner for an advice-only plan, the more options you’ll have to build the life you want. By taking control of your financial future now, you can navigate the complexities of modern retirement with confidence and clarity.
The Bottom Line
Canadians over 45 face unique challenges and opportunities as they transition into this exciting stage of life. An advice-only financial plan can provide the unbiased, expert guidance you need to thrive in retirement—not just financially, but holistically.
Your retirement is yours to define. Start the conversation with a planner today and set the stage for a future that’s as vibrant and fulfilling as you are.
Article based on the article, The New Retirement requires a new approach in the Investment Executive Oct 16. 2024 written by Susan Silma.
*ChatGPT may have been used in developing this article