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Planning for Pre-Retirees and Retirees
The years leading up to retirement, and the years within it, often raise new questions: how to turn savings into a reliable income, how to plan for healthcare or long-term care costs, and how to think about what is eventually passed on. This page outlines common planning topics for pre-retirees and retirees on the North Shore.
Common planning priorities
Turning savings into retirement income
Accumulating savings and generating a sustainable income from those savings are two different challenges. Pre-retirees often consider how to sequence withdrawals from RRSPs, TFSAs, and other accounts, alongside government benefits such as CPP and OAS, to support their desired lifestyle. The order and timing of withdrawals can affect how long savings last and how they are taxed, which is a common topic for a coordinated discussion with a financial advisor and accountant.
Planning for healthcare and long-term care costs
Provincial healthcare covers many medical costs, but items such as extended care, home support, or certain treatments may involve out-of-pocket expenses. Some retirees explore critical illness coverage, long-term care insurance, or dedicated savings to help prepare for these potential costs, particularly since needs can change significantly with age or a health event.
Reviewing existing life insurance needs
Life insurance needs often shift in retirement. Coverage that was originally intended to replace income or pay off a mortgage may be less necessary once debts are cleared and children are independent, while other retirees maintain or adjust coverage to support estate or legacy goals. Reviewing existing policies helps confirm whether current coverage still matches present-day objectives.
Thinking about legacy and estate considerations
Many retirees want clarity on how their assets will be distributed and whether their estate plan reflects their current wishes. This can involve reviewing beneficiary designations, understanding how different assets are treated, and discussing goals with family members. Legal documents such as a will and powers of attorney are typically prepared with a lawyer, while a financial advisor can help align savings and insurance with these broader goals.
Adjusting to a fixed or reduced income
Moving from employment income to a mix of pensions, government benefits, and personal savings can feel different, especially with inflation affecting day-to-day costs over time. Reviewing a household budget periodically and understanding how withdrawal strategies hold up over a longer retirement horizon can help reduce uncertainty.
Questions worth asking an advisor
- When should I start planning how to draw income in retirement?
- In what order should I withdraw from my RRSP, TFSA, and other savings?
- How do CPP and OAS fit into my overall retirement income?
- Do I still need life insurance once my mortgage is paid off?
- What should I know about long-term care or healthcare costs in retirement?
- How do I make sure my estate plan reflects my current wishes?
- What should I consider when planning for retirement?
Information on this website is general in nature and is provided for educational purposes only. It is not financial, insurance, investment, tax, or legal advice, and it does not constitute an offer or solicitation. Any strategy discussed should be reviewed against your own circumstances before you act.
Sam can help you explore financial and insurance considerations and coordinate conversations with your accountant or lawyer where appropriate. Tax advice and legal advice remain with those qualified professionals.
Answers
Questions from pre-retirees & retirees
Straightforward answers, with the context that matters before any decision.
North Vancouver, BC
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