Last weekend, Mark and I got on a plane to visit the in-laws in Florida and to play “retired” with them for a few days. For the past 3 years, Tracy and David have put their snowbird wings on and flown to Sebring, Florida to their lively retirement community residence for the winter. And each year when we visit, we happily and willingly adapt to their daily activities to live a few days in the life of a retiree.

 

This year, our weekend included early morning golf lessons for me and Pickle-ball matches for Mark (who was later nicknamed Wing Man because of his large wing span on the court).

 

What the heck is Pickle-Ball you ask? It has nothing to do with pickles; it is a (competitive) sport that combines many elements of tennis, badminton and ping-pong on a badminton sized court played as doubles with a paddle and plastic wiffle ball. Learn more here.

 

The afternoon was either 18 holes of golf, lounging by the pool with a good book, visiting with friendly neighbors or power shopping with Tracy (who by the way has the deals down to a science to get the most bang out of my US retirement dollars).

 

Evenings consisted of a nice dinner (sometimes rushing for the early-bird special) followed by an hour or two of euchre before going to bed at ~9:00pm.

 

While it was a short visit, it’s just the break we needed to remind us why we work so hard each day. And while I like to say that everyone defines their wealth, risk and retirement differently, regardless of how you may define your retirement, from a planning perspective, it isn’t what it used to be anymore.

 

As a retiree today, you can expect to live much longer than previous generations – on average another 15-20 years after the traditional retirement age of 65. That’s a whole new life stage that’s just beginning at age 65 – and one that requires a whole new approach to planning your retirement finances and lifestyle – in other words, GICs, low yielding fixed income investments and a “short term” investment horizon just aren’t going to make the cut anymore.

 

Retirees today face different economic challenges, including lower interest rates on guaranteed investments, market volatility, continued high taxes and the uncertainty of government benefits. To get you thinking in the right direction, I’ve put together the attached article that takes you through seven key questions you need to ask about your retirement. Click here to read more.
While you’re at it, you might like to find out your replacement ratio for retirement with the Globe & Mail’s Retirement Readiness Calculator. Calculate away here.

 

If you are like Dave & Tracy and are already living the retirement dream, we’ve also put together a great Wealth Management report entitled “Retiring in Canada” which includes strategies and solutions for those already in or approaching retirement. If you would like a copy of the 38 page report, just ask and I will send it to you.