Build Wealth Canada Podcast Planning Your Own Retirement: A Rare Peek into a Canadian Financial Planner’s Playbook
Jan 30, 2025
Ever wondered how financial planners themselves approach retirement? A seasoned planner shares his strategies, from estimating financial needs with software to deciding on spending patterns. He emphasizes the importance of understanding various income sources like pensions and CPP while coordinating with partners. Tips include tracking current expenses, reducing typical costs at retirement, and maintaining cash reserves to withstand market downturns. Plus, he suggests using alternative investments and insurance strategies for stability. It's a treasure trove of actionable insights!
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Project Current Trajectory First
- Start your plan by projecting where you’ll end up if you keep doing what you do today instead of guessing a target number.
- Use that baseline to decide whether to save more or change retirement timing.
List And Optimize All Income Sources
- Inventory every income source: employer pensions, CPP, and OAS for both you and your partner.
- Model optimal CPP/OAS start ages rather than guessing; deferral can materially increase lifelong income.
CPP/OAS Timing Is A Big Puzzle
- Timing CPP and OAS changes lifetime cash flows and tax outcomes, so the choice matters greatly.
- Planning software can now calculate optimal take ages based on tax and longevity assumptions.