Why Every Canadian Professional Needs a Retirement Consultant

You're 55, successful in your career, and just received your latest investment statement. The numbers look impressive. Until you run them through a retirement calculator. The cold truth emerges: at your current rate, you'll outlive your money by age 82. With Canadians now routinely living into their 90s, that's a terrifying 10-15 year gap.

This isn't a hypothetical scenario. It's happening right now across Canada as professionals realize too late that success in your career doesn't automatically translate to retirement security. In this moment of clarity, a retirement consultant becomes not just helpful but essential. The difference between comfort and crisis in your later years.

According to recent data, about 60% of Canadians already worry they'll outlive their retirement savings. That's millions of successful people losing sleep over something that should be exciting: the next chapter of their lives.

What is a Retirement Consultant and Why Do Canadians Need One?

The Evolving Retirement Landscape in Canada

Retirement in Canada looks different today than it did for our parents. The average retirement age has crept up to 63.5 years, and recent statistics show Canadians should save between $700,000 and $1 million for a comfortable retirement.

Add to that the fact that we're living longer, healthcare costs are rising, and government benefits like CPP and OAS, while helpful, likely won't cover all your needs. The math gets complicated fast.

Early retirement is looking more and more like a pipe dream. But it’s not impossible. We’ve seen it done. If you’re interested, check out our guide on how to achieve early retirement in Canada.

How Retirement Consultants Differ from General Financial Advisors

Think of a retirement consultant as a specialist rather than a general practitioner. While a financial advisor might help with overall money management, a retirement consultant focuses specifically on creating a roadmap to get you from your working years to a comfortable retirement.

They understand the nuances of retirement planning that others might miss:

• When to start taking CPP and OAS
• How to structure withdrawals to minimize taxes
• Planning for healthcare expenses not covered by provincial plans
• Creating an income stream that will last your lifetime
• Addressing estate planning concerns

Professionals Who Benefit Most from Retirement Consulting

Dentists and Healthcare Professionals

Dr. Samantha Chen built her dental practice over 25 years. Now, at 57, she realizes she's poured everything into her practice but almost nothing into her retirement plan. The practice is valuable, but how does she convert it to retirement income? And how will she handle the $1.2 million in professional corporation assets without triggering massive tax consequences?

This scenario plays out constantly in dental offices across Canada. A recent industry survey found that financial concerns ranked as the top challenge among Canadian dentists. Ahead of patient acquisition, staffing, and technology upgrades.

Dentists face unique retirement hurdles:

• Practice valuation and sale timing can make or break retirement plans
• Professional corporation structures create both opportunities and tax traps
• Student debt that lingers decades into careers limits early retirement saving
• Equipment investments compete with retirement contributions for available capital

Lawyers and Legal Professionals

For legal professionals, everyday is Sunday. Gruelling hours. Dozens of missed recitals and soccer games. Hardly do they even think about retirement. 

Sound familiar? When Vancouver lawyer Steve Herman organized a retirement planning seminar, only 3 attorneys showed up. But when he moved it online where lawyers could attend anonymously, attendance exploded to 120 participants. The message was clear: lawyers desperately want retirement guidance but don't want anyone to know they need it.

Why do so many successful attorneys put off retirement planning? The psychology is fascinating:

• Lawyers are trained to solve other people's problems, not their own
• Partnership structures create a "golden handcuffs" effect that discourages exit planning
• The profession rewards workaholism and doesn't model healthy retirement transitions
• Variable income from billable hours creates uncertainty about sustainable retirement spending

Business Owners and Entrepreneurs

Business owners have their entire financial lives wrapped up in their companies. Their retirement planning often gets complex because:

• Their retirement may depend on selling or transitioning the business
• They need strategies to extract value from the business in tax-efficient ways
• They must balance reinvesting in the business with personal retirement savings
• They need succession planning that aligns with retirement timing

A retirement consultant can help business owners create a separate and secure retirement plan that doesn't put all their eggs in the business basket.

Corporate Executives

Executives face their own challenges, including:

• Optimizing employer retirement plans and benefits
• Managing stock options and equity compensation
• Navigating golden handcuffs or early retirement packages
• Creating tax-efficient strategies for high-income earners

Having a retirement consultant who understands these complexities can make a substantial difference in retirement outcomes.

High-Net-Worth Women

Janet had built a successful manufacturing business over three decades, selling it at 62 for $5 million. Six months into retirement, she sat across from her financial advisor, frustrated. 

"He keeps talking about minimizing taxes and maximizing returns, but I keep asking about helping my daughter launch her business and setting up a foundation for women in STEM. It's like we're speaking different languages."

This disconnect isn't unusual. In a wealth management industry historically designed by and for men, high-net-worth women often find their priorities misunderstood or overlooked.

Rebecca Clark, Director of Wealth Planning at BMO Wealth Management, observes that high-net-worth women frequently prioritize fundamentally different retirement goals than men. 

While men often focus on wealth maximization and adventure spending (those annual diving trips to Belize), women tend to seek deeper purpose:

"The big difference between genders, when it comes to spending, is around philanthropy," notes Clark. "Part of it is the giving and the other is that women want to set their kids up properly."

This difference carries enormous implications. With women projected to control nearly $4 trillion in assets by 2028, retirement consultants must recognize these distinct priorities or risk creating plans that miss their clients' true objectives.

Side-Hustlers and Gig Economy Workers

Today's workforce increasingly includes professionals juggling multiple income streams. These individuals face unique challenges:

• No employer pension plans to rely on
• Variable income that makes consistent saving difficult
• Complexity in tax planning across multiple income sources
• Need for self-funded retirement vehicles

A retirement consultant can help create a custom retirement strategy that works with inconsistent income and maximizes available retirement savings options.

What Does a Good Retirement Consultant Actually Do?

Personalized Retirement Income Planning

The truth hits hard: Canadians receive average combined OAS/CPP pension income of just $15,159 per year.

Let that sink in.

$15,159 annually. That's $1,263 monthly.

Could you live on that? Pay your mortgage? Buy groceries? Travel anywhere? Of course not.

This shocking gap between government benefits and actual living costs creates the retirement crisis facing Canadian professionals today. Without strategic planning, even high earners find themselves facing impossible choices in their 70s and 80s.

A retirement consultant transforms this uncertainty into clarity through personalized income planning:

First, they analyze what your actual expenses will be. Not some arbitrary "70% of working income" formula that ignores your specific situation.

Next, they create detailed projections that account for inflation, healthcare costs, and longevity. Showing exactly how long your money will last under different spending scenarios.

Then they identify income gaps and develop specific strategies to fill them. Whether through optimized investment approaches, creative downsizing options, or part-time work opportunities.

Finally, they build a sustainable withdrawal strategy that minimizes taxes while maximizing income longevity. Often saving clients tens of thousands in unnecessary tax payments.

Tax-Optimized Withdrawal Strategies

One of the biggest mistakes retirees make is withdrawing money from their accounts in the wrong order, potentially costing themselves thousands in unnecessary taxes.

A retirement consultant creates a withdrawal sequence that considers:

• Which accounts to draw from first (non-registered, RRSP, TFSA)
• How to minimize OAS clawback (which kicks in at $90,997 in 2025)
• Strategies for income splitting with a spouse
• How to handle required minimum withdrawals from RRIFs

Investment Management for Retirement Portfolios

As you approach retirement, your investment strategy needs to evolve. A retirement consultant helps you:

• Shift from accumulation strategies to preservation and income
• Create a portfolio that balances growth and safety
• Manage sequence-of-returns risk (the danger of market downturns early in retirement)
• Develop an approach that aligns with your risk tolerance and income needs

Healthcare Cost Planning in Retirement

Many Canadians underestimate healthcare costs in retirement. While provincial plans cover some expenses, many aren't covered:

• Prescription drugs
• Dental care
• Vision care
• Long-term care
• Home care services

A comprehensive retirement plan includes strategies for:

• Evaluating private health insurance options
• Planning for potential long-term care needs
• Budgeting for out-of-pocket healthcare expenses
• Tax strategies for managing medical costs

Estate and Legacy Planning

Retirement planning isn't just about you – it's about protecting your loved ones and creating the legacy you want to leave behind.

A retirement consultant helps with:

• Strategies to minimize estate taxes
• Ensuring smooth transfer of assets to heirs
• Charitable giving strategies
• Powers of attorney and other important documents

The Surcon Mahoney Approach to Retirement Consulting

Data-Driven Retirement Analysis

At Surcon Mahoney, we believe in basing retirement decisions on hard data, not guesswork. Our retirement consulting process starts with a thorough analysis of your current financial situation, retirement goals, and the gap between them.

We use sophisticated financial modeling to project different retirement scenarios and help you understand exactly what it will take to reach your goals.

Holistic Financial Strategy Integration

Your retirement plan doesn't exist in isolation from the rest of your financial life. Our approach integrates:

• Tax planning
• Estate planning
• Risk management
• Investment strategy
• Healthcare planning

This comprehensive approach ensures all aspects of your financial picture are working together toward the same goal – your ideal retirement.

Ongoing Plan Monitoring and Adjustments

A retirement plan isn't a set-it-and-forget-it document. It needs regular review and adjustments as:

• Your life circumstances change
• Tax laws evolve
• Market conditions fluctuate
• Your goals shift

Our retirement consulting services include regular check-ins to ensure your plan stays on track and adapts as needed.

Client-Centered Retirement Solutions

We understand that retirement looks different for everyone. Some want to travel the world, others want to start a business, and many want to spend more time with family.

Our retirement consulting process starts by understanding your unique vision, then builds a financial strategy designed specifically to make that vision possible.

Getting Started With a Retirement Consultant

Ready to take the next step? Schedule a no-obligation retirement assessment with one of our experienced retirement consultants. We'll help you understand where you stand today and what steps you can take to move closer to your ideal retirement.