March 19, 2018

Single and planning for retirement

A woman holding a child reviews her retirement plans. A woman holding a child reviews her retirement plans.

Retirement planning often focuses on couples, but a growing number of single Canadians are entering retirement. The financial decisions surrounding this major life change may feel overwhelming, especially if you’re facing them on your own. But you can boost your confidence with proper planning and a realistic retirement income plan tailored to your financial goals.

Let’s meet Joanne:

Joanne is doing things on her own for the first time in a while, and she’s nervous about managing her finances. A paralegal assistant, Joanne is currently 59 years old and plans to retire when she turns 65. Based on her family history, Joanne expects to live a long life. Her financial priorities are making her money last and affording life’s necessities. She has always been generally risk averse, and especially so when it comes to her investments and other big life decisions.

In retirement, Joanne wants to treat herself occasionally without worrying about depleting her savings too quickly. She has a daughter and grandson, and wants to ensure her savings allow for regular visits. She might consider an income annuity, which would turn a portion of her savings into a regular and predictable income stream for the rest of her life.

Spending beyond her means is a risk Joanne is simply not willing to take. Another option she might consider is a segregated fund, which is similar to a mutual fund in that it would allow her to grow her money, but it also guarantees a specific portion of the original investment, reduced in proportion to any withdrawals.

Through a combination of different investments, Joanne can develop a retirement income plan that offers both security and flexibility, so she doesn’t miss important milestones in her grandson’s life.

If you’re like Joanne, your retirement goals may include:

  • Having enough money so you don’t have to rely on your children for financial support
  • Finding an advisor you can trust to help you make informed decisions
  • Feeling confident navigating this major lifestyle adjustment
  • Being protected from ups and downs in financial markets

Helping you discover a vision for your retirement

Everyone has their own vision for retirement. Some feel more comfortable being financially conservative, while others are willing to take risks. Regardless of your preferences, a financial advisor can be one of your most valuable partners when it comes to deciding how, when and at which speed you’d like to spend your retirement income. Learn how a personalized retirement income strategy can help you live the life you want and make your money last. Speak to an advisor today about your goals for a satisfying retirement.