Navigating Post-Retirement: The Vital Role of Ongoing Planning During Retirement

Understanding the importance of planning for retirement is crucial to ensure a comfortable future. This can start early, perhaps in your 30s, and becomes more focused as retirement approaches, especially in your 40s and 50s. The final 3 to 5 years before retirement, and particularly the last 12 months, are critical. This journey involves key decisions along the way like choosing the right retirement age, setting a savings target, determining when to draw from your Old Age Security and Canada/Quebec Pension Plan, establishing an income plan, and considering supplemental health insurance. Tax planning to minimize lifetime taxes and estate planning to address probate (if applicable) and family needs are also integral.

Once retirement is achieved, it’s essential to track your investment portfolio and finances. Thriving in retirement requires ongoing strategies to stay on course, especially in today’s high inflation and high interest rate environment.

Since financial planning continues to be important during retirement, we have put together a list to assist you with staying on track during retirement.

Here are 3 strategies for staying on track during retirement

1. Review your Financial Model in Retirement

Completing a financial analysis with a holistic advisor helps map out your post-retirement life. This roadmap should be frequently referenced to ensure you’re on course. Continual partnership with your advisor provides financial education and advice to navigate confidently.

2. Make adjustments along the way

Retirement may require adjustments to your plan to stay on track. Early detection of deviations allows for smaller, impactful changes. This may involve reducing your expenses, adopting a more frugal lifestyle, managing your portfolio withdrawals, or deferring major expenses during market volatility.

3. Partner with your advisor

A close relationship with your Investment Advisor gives them insights into your needs, allowing them to help you optimize your cash flow requirements for near-term purchases while helping you maintain emotional stability. This partnership is vital in helping you to weather market volatility and while staying aligned with your risk tolerance.

Being resilient in retirement is key. Discussing options with your advisor ensures suitable adjustments for your lifestyle. Consider deferring pensions or paying off your mortgage based on your specific needs.

At Kerr Financial we boast over 40 years of holistic, tailored financial guidance. While banks and brokers are just beginning to appreciate financial planning’s value, we have long been actively partnering with our clients. By working closely with you, we help you stay on track, implementing strategies proactively. Contact us today to begin your journey.