LifeStages

• Five Principles
• LifeStage 1
• LifeStage 2
• LifeStage 3
• LifeStage 4
• LifeStage 5
  • Things to Consider

LifeStages

LifeStage 5 (Ages 66 and over): Post-Retirement

Case Study: Ann
At 69, Ann never realized that living the good life in retirement would have so much to do with managing money. While she had always been the designated money manager in her household (her husband, Hank, is "artistically inclined" and avoids the issue), the financial-planning burden that came with retirement was far greater than she had imagined.

Ann and Hank spend a couple of months each year in their retirement home in the sunny south. They are both in excellent health and are drawing, for the most part, on Hank’s pension. On top of ensuring that they don’t outlive their savings, they want to be sure that they have something to leave behind for their children and grandchildren.

“One issue that shows no signs of disappearing soon is the fear many women have of retiring poor – a fear that is not unfounded given the statistics on the number of older women living below the poverty line.” ~ Globe & Mail

Things to Consider
LifeStage 5 is definitely the time when you want to kick back, relax and enjoy the fruits of your labour. You’ve earned it! From a financial-planning perspective, your retirement years will focus primarily on managing your retirement savings and planning the distribution of your estate after you die. Money management in your post-retirement years is critical – especially if you are no longer working and earning an income. You will be spending money and you won’t have a traditional paycheque. You have to be sure that your investments will provide you with an income that suits your lifestyle.

• RRSP Maturity Options
• Wealth Management
• Estate Planning
• Tax Tip