Why a Retirement


As your working-life/career begins to wind down you are no doubt looking to the future and your retirement. It is important to have an understanding as to whether you will have the financial resources in retirement to be able to do those things you have planned - whether it's more time at a cottage, vacations, hobbies, or whatever.

A study by Desjardins Financial found that:

  • 38% of those within five years of retirement still don't have a retirement savings plan
  • 42% are somewhat or very concerned they have not saved enough to maintain their standard of living
  • 32% are somewhat or very concerned they will outlive their savings

The question to ask yourself is whether you anticipate you will outlive your savings?

Or whether you will be able to maintain your standard of living?

Do you know how much CPP you will receive? If you have a defined benefit pension what will your retirement benefit be? What is the impact of splitting your pension benefit with your spouse? Is the benefit protected against future inflation?

What expenses do you expect in retirement?

What level of taxes will you pay in the future?

Perhaps all is well, but perhaps not - the question is do you know?

Retirement, or Financial Assessment will examine your current assets, expenses, and income. I will consider pensions you might have, CPP, and OAS. Then the impact of taxes is factored in. With assumptions as to salary increases, future investment rates, and inflation I can develop a picture of your finances over the balance of your life (generally to age 90).

This 'picture' will either show, based on the assumptions used,

  • sufficient assets for the rest of your life, or
  • a shortfall.

Should there be a shortfall you can then consider actions to address the situation. These might include

  • working longer than planned
  • reducing expenses, and/or
  • re-mortgaging your home

Your Retirement / Financial Assessment will provide a personalized mapping of your income (employment, investment, and pension) in conjunction with your expenses. Only with such a forecast will you have an idea as to whether you can expect to be secure in your retirement.


If you would like to explore an opportunity I would be pleased to discuss this with you. Please visit the Contact Me page.


Norm Collins, B. Math, FLMI