Most Canadians enjoy
retirement but many also worry that the good times won’t last and “underlive” their retirement years in fear of overspending.
According to a recent Investors Group survey, 59% of retired Canadians are concerned about being able to make their retirement funds last for their remaining years, 64% find it hard to strike a balance between enjoying retirement and making money last, and 44% feel worried after they spend money on non-necessary items or experiences.
The survey also underscored the fact that over-worrying about money can lead Canadians to shy away from doing the things they love in retirement. But here’s the good news: The survey found that a vast majority of recent retirees enjoy their retirement, with 80% stating that it meets their expectations and 84% finding that they are able to spend more time on hobbies they enjoy.
So, what does all this mean to you? As you think about retirement, ask yourself what it is you want to spend time on, based on what’s truly important to you, and what kind of lifestyle you’d like to live. Your answers will be unique to you but the key to realizing your retirement dreams is always this: Plan early and plan smart.
Smart retirement planning does require prioritization and financial trade-offs but it shouldn’t be an exercise in self-sacrifice. When you do it right, you won’t worry about whether or not your retirement fund will last for as long as you need it and you won’t “underlive” your retirement years by avoiding things you really want to do for fear of spending too much money.
Here’s another important retirement planning tip the survey uncovered: Canadians who work with a financial advisor worry less about their nest egg providing for them through all their retirement years. So it’s clear: Making retirement plans based on professional advice can help you avoid overspending and underliving. Your professional advisor will support you in making decisions based on fact, not fear and ensure you have access to all the strategies you need to live an enjoyable and rewarding life in retirement.
Live your retirement years the way you want. Talk to your professional advisor soon.
