Planning for the future

 Planning for the future

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By Bromwich+Smith Staff | 733 words | Reading Time: 3 minutes and 39 seconds | Date: 2022/09/27

For many, counting down the days until retirement is an exciting motivator, for others it can bring on feelings of dread and worry. Turning 65 is that magic moment in time when we dream about retiring, being able to spend our days traveling, golfing or just spending time with family. Some Canadians plan to retire early, where some are now choosing to delay retirement. There are some things you should consider when you start thinking about your retirement.

What do I need to think about before I retire?

Looking at a list of your assets and liabilities is a great place to start. Do you have a retirement savings account, or employer retirement plan? Do you have life insurance, investments, band the balance in your bank account. Equity in your home is often overlooked but is important to add to your assets. Now look at your expenses and other financial obligations. This can include household bills, rent- including the unknown rental increases that may occur over time, debt, or child support for example.

What are your current financial obligations? By knowing what expenses, you currently have will help you know what you can save. This is a great time to look at what you are paying and see if there is an opportunity to cut back. Do you have a camper you purchased when the kids were younger but its now sitting in the laneway not being used? Do you have magazine or television subscriptions that aren’t being used? Take the money and put it right into your retirement savings instead. By reallocating funds you wont notice a change in your daily living but it will help you save up for your future.

You will want to look at your family health history, and while it may seem odd to think about, knowing your family history will help you know your life expectancy. If your ancestors have lived into their late 80’s there a good chance you will as well and if your family history shows good health into their late 90’s, you may need to put more into your retirement savings.

Where will you be retiring?

Having a plan of where you would like to spend retirement will help your financial plan. Do you plan to stay in your current house with the mortgage paid off, or will you be selling it and moving to the coast to fill your days with sunshine and golf. Do you have a plan in the situation where you are unable to care for yourself. Will you be living with family, moving to a retirement home and have you looked at the cost. You may be surprised at the cost of retirement living facilities.  

Now is a great time to work with a financial advisor and set out your goals. They can help guide you on a realistic plan and keep you on track. Keep in mind that any plan you put into place is not set into stone and may need revisions. As life can be unpredictable you may need to be flexible with your plan. A job loss, breakdown in marriage, birth of a child, death of a loved one are only some examples of what may come up.

How much do I need saved to retire?

It is estimated- depending on your lifestyle and retirement plans, that you will need 70% of your pre-retirement income to spend every year. Recent studies are showing with inflation and increased prices, the average worker should have 1.4 million dollars saved prior to retiring. Keep in mind each individual situation is different, you need to look at your cost of living. With inflation currently on the rise, these numbers may change by the time you are ready to retire.

Keep in mind any debt you already have. Will you be able to handle cost of living, and debt with a reduced income during retirement? If you are concerned about your current debt load it’s a great time to evaluate your options. A consumer proposal now many be a great choice to help set you up for retirement.


No matter what your financial story is, Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. We want to see you flourish!


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