A solid retirement plan isn’t just about stashing money away. It’s about creating a roadmap for the life you want to live—making sure you’ve got the resources, health, and confidence to enjoy it.

1. Financial Security & Longevity

• Plan for the long haul. These days, it’s smart to assume you’ll need income for 25–30 years. I usually plan for age 95, with inflation around 2.2%.
• Mix it up. A well-diversified portfolio balances growth investments (to keep up with rising costs) with steady income sources (to cover your essentials). And we always plan with conservative returns—it’s better to be safe.
• Income flow. Retirement often means going from one or two paycheques to several smaller income sources: RRSPs, TFSAs, pensions, CPP, OAS. Timing how you draw from each can make a big difference in both taxes and sustainability.

2. Health & Long-Term Care Planning

• Budget for health. Provincial plans don’t cover everything—think dental, vision, prescriptions. These costs can climb quickly as you age.
• Insurance* or savings. You may want critical illness coverage or simply set aside a dedicated fund to cover unexpected health needs.
• Wellness matters. Staying active, eating well, and looking after your mobility now can help you stay independent and improve your quality of life later.

3. Family & Legacy Planning

• Setting limits. Helping kids or grandkids is wonderful—but make sure it doesn’t put your own retirement at risk. I’ve seen parents overextend, and sometimes the reverse happens too.
• Keep documents current. Wills, powers of attorney, beneficiary designations—these need to be kept up to date.
• Talk it out. Honest family conversations around money, roles, and expectations can help avoid future conflict.

4. Lifestyle & Personal Fulfillment

• Your vision. Where do you want to live? How do you want to spend your days? Having clarity here is key.
• Stay connected. Build in ways to keep socially active—friends, clubs, volunteering, travel, whatever keeps you engaged.
• Passions and play. Whether it’s golf, gardening, art, or travel, include the hobbies that make you happiest—and be realistic about what they’ll cost.

5. Knowledge & Decision-Making

• Get support. Work with a financial professional who understands not just your numbers, but your values and goals.
• Keep learning. Staying on top of tax changes, investments, and retirement rules gives you more control.
• Review regularly. Life changes—your plan should too. Revisit it at least once a year.

Bottom line:
A good retirement plan gives you clarity, confidence, and flexibility. Covering these key areas will help you feel prepared—and let you focus on enjoying the next chapter with peace of mind.

Source:moneysense.ca



Disclaimer: Insurance products and services are offered through Right Direction Financial, an independent and separate company from iA Private Wealth Inc. Only products and services offered through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund. Her insurance title is Insurance Advisor