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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Track Spending And Remove Savings As An Expense
- Track current spending to build an accurate retirement expense forecast, then adjust for changes like kids gone or no mortgage.
- Subtract current savings contributions when estimating retirement needs because savings are an expense that stops.
Use A Short Initial Consult
- Use an initial 30-minute consultation to clarify goals before sharing documents or paying for full planning.
- Provide high-level answers first, then submit taxes and pension docs if you proceed to a detailed plan.
Create Cash Buckets For Sequence Risk
- Build multiple liquidity and stability buckets before or in retirement to reduce sequence-of-returns risk.
- Keep a dedicated cash cushion (John suggests ~18 months) to avoid selling depressed assets.