Retirement is no longer viewed as a “tired” chapter, but rather as a reimagined lifestyle choice—one that offers enhanced time and financial flexibility. Today’s retirees are shifting the lens: some are staying in the workforce longer, trading rigid schedules for greater autonomy, while others are stepping away from past careers to pursue new purpose-driven paths. It’s not just about stepping back—it’s about seeing forward, with clarity and intention.
What are you retiring to?
As with all life transitions, it’s key to have something fun and exciting to look forward to as you change up your day to day life. Take some time to really define what it is you are retiring to.
How are you going to make this happen?
A well-rounded retirement strategy should do more than cover the basics—it should reflect the life you’ve built and the one you still want to live. By integrating your many different investment accounts, personal and corporate, your plan should support everyday comfort while bringing your future into sharper focus, whether that’s exploring new destinations or simply enjoying more freedom at home.
The New Paycheque
Day to day expenses like groceries, utilities and personal care are typically funded by a regular source of recurring income. These may include CPP, OAS, a pension, or your RRSPs for example.
The Fun Stuff
Travel, home upgrades and even a second property are some of the well-earned rewards after years of building your career. If your savings includes a mix of TFSA, non-registered accounts and corporate investing, now is the time to review your withdrawal strategy so you can actually enjoy this nest egg.
The Unexpected
Everything is great until the unexpected happens. Health is a primary reason many retirement plans get off track. Have you built in contingencies to cover unexpected expenses? Can you comfortably pivot your financial enjoyment to meet your new needs?
The “Not-So-Fun” Stuff
And then we have taxes! One of only two certainties of life in Canada. You’ve worked hard to limit taxation during your working years, so it’s key your withdrawal plan considers how you will manage your taxes moving forward. Don’t let taxes eat up 50% of your savings!
The Other Certainty
Whether you want to address it or not, death is a certainty of life. Though we may not know the day nor the hour, it will come for all of us. Part of a holistic retirement plan is reviewing your estate planning. Does your will still reflect your wishes? Does the beneficiary status of your investments and life insurance policies line up or should they be changed in light of final taxation, charitable wishes, and perhaps skipping a generation to optimize your planning.
The Financial Needs
Avoid the worry created by news and market fluctuations by ensuring your investments are set up to create a smooth withdrawal for your ongoing needs and wants. Understanding how asset allocation plays an increasingly critical role during your withdrawal phase is key to avoiding sequence of return risk.
Conclusion
Now is the time to create a future that balances stability with possibility. Shifting from a saving focus to a spending focus can be difficult, but with a clear plan, you can set a withdrawal strategy that helps to manage market risk, provides flexibility, controls taxation and leaves you with a legacy to be proud of.
Interested in personalized retirement guidance to balance all your financial needs and wants? Reach out to Roxanne via email at roxanne@c3wealthadvisors.ca or call 780-261-3098 to book a conversation.
Roxanne Arnal is a Certified Financial Planner®, Chartered Life Underwriter®, former Optometrist, Professional Corporation President, and practice owner. She is dedicated to empowering individuals and their wealth by helping them make smart financial decisions that bring more joy to their lives.
This article is for information purposes only and is not a replacement for personalized financial planning. Errors and Omissions exempt.
ROXANNE ARNAL,
Optometrist and Certified Financial Planner
Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS). She subsequently built a thriving optometric practice in rural Alberta.
Roxanne took the decision in 2012 to leave optometry and become a financial planning professional. She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.
