PAVING THE RETIREMENT WAY
– By Brian Weatherdon, MA, CFP, CLU, CPCA
I magine over a century gone by, when people could work on
their farm to age 70 or more, yet average lifespan was less than
50. For the lucky ones who reached 65, the average number
of days to be retired were less than 500. Generations since
then, we have moved from farming to manufacturing and more
recently to information and innovation-based technologies
with “services” now 78% of our modern economy.
Life has never been safer; it’s never been easier, wonderfully
assisted with health advances, robotic devices, and artificial
intelligence. Age groups growing the fastest today are over
85 and even centenarians at 100+.
So now imagine how many days it would be if you retire at
65 and live to 95… somewhere near 11,000 days! Or imagine
saving diligently, controlling debts, building wealth, and
retiring at 55, with continued health improvements that drive
an active lifespan to age 105. This picture shows us working
7,500 days, allowing for study, weekends, raising families, and
paying off the mortgage and expanding our retirement to 18,000
days! Science tells us now that some of today’s children will
live beyond 150, and nothing more vividly shows how changes
are coming to life, career, and future retirement lifestyles.
Take it personally: Each day’s savings of your working life,
may need to buy 2 or 3 days of retirement. Don’t brush over
that – let it sink in – let it get under your skin, because if we
miss this, it could mean outliving your money.
Will your children support you at 85 when they’re wanting
their own retirement? Can we depend on Canada Pension,
which offers at most ¼ of basic living expenses? Can we
start a new career or business in our 90s? No… The farm is
long gone, and each generation has their own challenges to
live with – including our massive government debts built since
the 1970s, so we cannot retire safely on the federal purse nor
from the support of our children!
Sustaining Income
and
Retirement Lifestyles
www.GuaranteedIncome4Life.ca
Brian Weatherdon
CERTIFIED RETIREMENT COACH
CERTIFIED FINANCIAL PLANNER
(905) 637-3500 x 223
[email protected]
30 Read + hear more: www.silvergoldmagazine.ca
Absolutely we each carry our own responsibility. Everyone
who retires will win the lifestyle that has been earned by daily
diligence, monthly savings, and yearly reviews, to optimize
and secure wealth. We must all practice effective personal
and financial habits, which accelerate money’s growth and
have proven successful in sustaining wealth for life.
By the way, if you’re comparing to others, it’s a sad picture,
so don’t spend much time on this. Canadians age 50 have
saved on average $60,000… and ten years later their average is
near $80,000. Home equity doesn’t count because we always
need a home, and downsizing doesn’t necessarily cost less.
Ultimately in today’s dollars, it helps to have $1 million as
that can pay $50,000 annual income even with some inflation
protection. Most Canadians nearing retirement see thick
clouds on their future, with 70% reporting only a major
lottery would make the difference. The only true difference
would come from habits of successful saving through their
working years.
Where you are today is a result of decisions and actions
up to now, and we have the resources to build and sustain
wealth for your future. Our planning has already confirmed
that most of our clients have a strong foundation of current
or future wealth. Going forward with your career choices,
retirement planning, home ownership, further knowledge and
hobbies, and projecting your needs for the years ahead, we
promise to continue our focus on the whole picture, which
will accelerate your wealth and accentuate your life for
personal goals and treasured dreams.•
Brian Weatherdon of Sovereign Wealth Management Inc., is a
Certified Financial Advisor, retirement coach, and consultant on wealth
and aging. 905-637-3500 [email protected]
The information provided is general in nature, and should
not be relied upon as a substitute for advice in any specific situation
requiring appropriate legal, accounting, tax and other professional
guidance. The views expressed are those of the author and not
necessarily those of the issuer of any financial products for which
the author may act as a distributor. Any names and/or circumstances
mentioned above are altered for confidentiality.