Retirement planning is the focus of Globe Advisor’s Best of 2023. Retiring comfortably is a universal goal, and financial advisors play a crucial role in helping clients achieve this milestone. In the ever-evolving landscape of retirement planning, staying informed about the latest strategies and considerations is paramount. Globe Advisor has compiled a list of articles that garnered significant attention in 2023, shedding light on diverse aspects of retirement planning.
Taking CPP Early and Investing
Exploring the debate on whether Canadians should opt for early Canada Pension Plan (CPP) withdrawals and investments. Julia Chung of Spring Planning Inc. provides insights, emphasizing the balance between immediate financial needs and long-term benefits.
Overcoming the Retirement Consumption Gap
Delving into the phenomenon where retirees, driven by a fear of financial insecurity, refrain from enjoying their wealth. Addressing the challenge of transitioning from a saving mindset to embracing a more fulfilling retirement lifestyle.
Relocating in Retirement: Key Factors to Consider
Highlighting a study indicating a doubling in the likelihood of Canadians moving jurisdictions at retirement. Examining trends, with a focus on provinces that gain or lose retirees, offering valuable insights for those considering relocation.
Meeting Income Shortfalls in Retirement
Scott Sather of Awaken Wealth Management Ltd. shares strategies for clients falling short of their retirement goals. Discussing options such as saving more, earning more, waiting, or adjusting expectations to ensure financial security.
Surprises and Challenges
Examining the emotional preparedness of retirees in contrast to their financial readiness. Insights from the 2023 Fidelity Retirement Report reveal that the transition to retirement often brings unexpected challenges, requiring individuals to find new purposes.
Financial and Emotional Preparedness
Addressing the challenges faced by those forced into retirement due to unforeseen circumstances. Laurel Marie Hickey of National Bank Financial Wealth Management provides guidance on navigating financial and emotional uncertainties.
Seniors Opting Against Downsizing
Exploring the trend of seniors choosing to remain in their current homes instead of downsizing. Factors such as the complexity of the moving process and emotional attachments influence this decision, as shared by Chris Ferris of Ryan Lamontagne Inc.
Mitigating Longevity Risk in Portfolios
Unveiling the re-emergence of tontines as a tool for retirement and longevity planning. Despite being a centuries-old concept, questions persist regarding the optimal use of tontines to ensure clients do not outlive their financial resources.
Tax-Efficient Retirement Income Withdrawals
Guidance on withdrawing retirement income tax efficiently while delaying CPP until age 70. Strategies include prioritizing non-registered accounts over registered ones, considering taxable income sources, and accounting for one-time expenses.
Evolution of the FIRE Movement in Today’s Reality
Tracing the evolution of the Financial Independence, Retire Early (FIRE) movement amid economic shifts, market volatility, and increased lifespans. Adapting to current realities, the movement has diversified to address contemporary challenges.
Conclusion
The landscape of retirement planning is dynamic, requiring continuous adaptation to new circumstances. Globe Advisor’s curated content reflects the ever-changing nature of retirement strategies, offering valuable insights for both advisors and those preparing for this significant life stage. Stay informed, plan wisely, and navigate the journey to retirement with confidence.
