Don’t let retirement take you by surprise
Derek Shevkenek - Oct 31, 2022
A grizzled old man with deep set eyes and wild hair suddenly appeared in the dark entrance of the storage room. He silently curled his finger in the “come here” motion. Moments before, my mom had asked 6-year old me to perform the terrifying task of retrieving food from the basement.
Panic morphed to curiousity after noticing the strange-faced fellow was offering a package of coloured chalk. How could he know I really, really wanted coloured chalk? Only my parents knew this!
Approaching “retirement age” can be like that. Suddenly appearing in front of you after all those years, confronting you with numerous soul-searching questions.
Should you retire and if so when? What does retirement even truly mean to you? Because I assure you, the pre-packaged idea of retirement of feet up on a beach at a pre-defined age is compatible with some, and incompatibly polar opposite with others.
Will you and your spouse be healthy? What are you going to do with your time and money? Exploring such questions will cause you to examine deeply held values and beliefs. Take advantage of a financial advisors’ ability to help you navigate these interesting questions.
A financial retirement plan customized to your circumstances will help visualize the potential strengths and weaknesses of your financial position over time. Update your investment portfolio, because given natural uncertainties in world markets, you need to ensure you are properly positioned and well diversified for the years to come. Explore financial and tax consequences of what happens when you and/or your spouse dies, and look at options to deal with that.
I had nothing to lose. Go for it or die. Suddenly I grabbed the chalk and dashed for the stairs. I made it. Shortly after, my mom scolded my dad for his rubber mask trick.
You can unmask retirement too. Take action to proactively explore what it really means to you, what the financial implications are, and what you can do now to better prepare for it.
Inquiry welcome at www.dereks.ca. Opinions are those of Derek Shevkenek and may not reflect those of BMO Nesbitt Burns Inc. The information and opinions contained herein have been compiled from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. BMO Nesbitt Burns Inc. is a Member - Canadian Investor Protection Fund. Member of the Investment Industry Regulatory Organization of Canada.