Monday, 10 July 2017

Retirement or Lifestyle Planning? Will You Be Sinking or Swimming? - What's On Your Mind - July 2017

A lot of people think about retirement almost on a daily basis.  You may be one of them.  As a financial advisor I help clients plan the financial roadmap towards this goal.  But as I take a step back, I also see that most people only think about the money they will need and they forget to look at the whole picture.

With the extended period of longevity we have been given, we have more years to consider filling besides having the money to do it with.   I am discovering that retirement for people is about leaving their current job but not designing the new life they will have.  The next chapter after working could be even more challenging since the time horizon could be longer than your working years.

People need to think about how they will fill their time and still feel productive on a daily basis.  In the past if you were 65, you were basically put out to pasture.  Since retirement years may have averaged 2 to 10 years we could cope with the boredom that would eventually set in.  Now we are given options after working 25 to 35 years that we may retire regardless of age.  In some cases, working right out of high school or college meant that you were still very young when you had the opportunity to take a pension and leave your employment.

The question then becomes should I, or shouldn't I?  How much am I really working for if I stay?  Is this the question you should be asking or is the question really about what will I do to stay productive and active?  If you cannot answer this question with a plan to fill the next 25 plus years then it may not be the right time for you to leave your employment just because you can.

While you are working, your concentration outside of your job, is to think about your life in retirement in great detail.  Have everything outlined as to where you will live, what you will do, where you will travel to, in what style, etc.  Your retirement plan should be about more than just the money you save.  After all there can be a challenge to living a fulfilled life in retirement like you had when working.  Just something to think about before jumping into retirement with both feet and no lifestyle plan as a life jacket.

Linda J. Levesque, CFP®, FMA, FCSI®
Sr. Investment Advisor
Director, Private Client Group
HollisWealth Insurance Advisor
HollisWealth Insurance Agency Ltd.
Levesque Wealth Planning
HollisWealth, a division of Scotia Capital Inc.
One Corporate Plaza, 2075 Kennedy Road, 5th Floor, Toronto, ON M1T 3V3
Tel: 416-412-8018 / 1-800-322-4030  Fax: 416-332-6772

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Advisor and Director, Private Client Group of HollisWealth is an author of The 5 Minute Wealth Plan, Saving Today for a Richer Tomorrow, in The Road to Success with Jack Canfield and in The Authorities, Powerful Wisdom from Leaders in the Field.  If you're ready to jump-start your life, have more fun and joy in all that you do, get a FREE consultation from Linda J. Levesque 

This article was prepared solely by Linda J. Levesque who is a registered representative of HollisWealth®
HollisWealth is a trade name of Scotia Capital Inc. and HollisWealth Insurance Agency Ltd.  HollisWealth is a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.  Brokerage services provided by HollisWealth are provided through Scotia Capital Inc. Insurance products provided by HollisWealth are provided through HollisWealth Insurance Agency Ltd. ® Registered trademark of The Bank of Nova Scotia, used under licence. The views and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque alone and not those of HollisWealth.
Levesque Wealth Planning is a personal trade name of Linda J. Levesque. HollisWealth and the Scotiabank companies do not provide income tax preparation services nor do they supervise or review other persons who may provide such services.

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