Ever tried to blow up your retirement plan? If not, you better watch this video. You know what they say about best laid plans…

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Well Built Wealth:

Intro (0:00)
Planning for Storms (0:25)
Stress-testing Your Retirement Plan (1:30)
High Inflation (2:15)
Lame Investment Returns (2:53)
Market Crash (3:10)
Early Death of a Spouse (3:29)
A Whole Bunch of Bad at Once (4:13)
Strategizing in Advance (5:13)
Outro (6:22)

DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional….(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

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Retirement is a well-deserved stage of life that many individuals eagerly await. It is a time to relax, enjoy the fruits of one’s labor, and pursue passions that may have been put on hold. However, to truly enjoy a stress-free retirement, proper planning is necessary. If you are considering retiring in Canada, there are some crucial steps you should take before embarking on this new chapter in your life.

First and foremost, it is imperative to assess your financial situation. Retirement comes with various expenses, and determining your financial needs is essential to ensure a stress-free retirement. Take stock of your savings, investments, and any retirement accounts you may have. Understanding the current state of your finances will help you determine if your retirement goals are in line with your financial resources.

A key aspect of planning for retirement in Canada is understanding the various retirement income sources available to you. These could include the Canada Pension Plan (CPP), Old Age Security (OAS), as well as any private pensions or investments. Familiarize yourself with the eligibility criteria, benefits, and potential tax implications of these income sources. This knowledge will enable you to effectively plan for your future expenses and ensure a comfortable retirement.

Another crucial step is considering healthcare coverage. In Canada, healthcare is primarily provided through the public system, but it is important to understand the gaps in coverage and explore private health insurance options. Assess your current health status and determine if additional coverage is necessary to meet your specific needs. Research the available options, compare prices, and ensure that your healthcare needs are adequately addressed for a stress-free retirement experience.

Preparing a comprehensive budget is also vital. This will help you determine your anticipated expenses during retirement and plan accordingly. Consider expenses such as housing, transportation, healthcare, travel, and leisure activities. By having a clear understanding of your expected costs, you can develop a retirement budget that aligns with your financial resources, helping you avoid any unexpected financial stress.

Furthermore, it is wise to seek professional advice from a financial advisor or retirement planner. These professionals can provide expertise tailored to your unique situation and goals. They can help you navigate complex tax issues, assist in creating a comprehensive retirement plan, and offer strategies to optimize your financial resources. Their guidance will ensure that you are well-prepared for a stress-free retirement.

Lastly, but certainly not least, it is important to mentally and emotionally prepare for retirement. Many individuals experience a sense of loss or lack of purpose when transitioning from a busy work life to retirement. Take the time to consider how you will fill your days and pursue meaningful activities. Explore hobbies, volunteer opportunities, or engage in social activities. Building a social network and pursuing interests outside of work will contribute greatly to your overall well-being and facilitate a stress-free retirement.

In conclusion, a stress-free retirement in Canada requires diligent planning and preparation. Properly assessing your financial situation, understanding retirement income sources, considering healthcare coverage, creating a comprehensive budget, seeking professional advice, and mentally preparing for this new phase of life will set the foundation for a smooth and enjoyable retirement experience. By taking these steps before retiring, you can enter this next chapter with confidence, knowing that you have laid the groundwork for a stress-free future.