Silver and Gold Magazine Spring 2020 | Page 30

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.