Retirement Isn’t a Date—It’s a Journey
Retirement is often seen as a single day on the calendar—but in reality, it’s a multi-year journey. You don’t simply wake up one morning and retire. The process starts well in advance, through careful planning and intentional action.
To help guide you along the way, we’ve created a five-part series that breaks down the steps to take during each of the five years leading up to retirement. As we move into Registered Retirement Saving Plan (RRSP) season, we’ll be sharing one article each month, providing timely, actionable advice you can use right now.
This series draws heavily from Christine Benz’s How to Retire, a trusted resource that blends both the financial and lifestyle aspects of retirement. It covers key topics like saving, withdrawal strategies, insurance, and estate planning, alongside equally important areas like wellness, belonging, and meaningful pursuits.
Each phase builds upon the one before, creating a foundation for gradual de-risking, thoughtful preparation, and emotional readiness. The approach reflects both proven financial strategies—such as catch-up contributions, bucket withdrawal strategies, and partial annuitization—and a holistic view of what it truly means to retire well.
Year 1: 5 Years Before Retirement – Set your Foundation
The journey to retirement begins long before your final day of work. Five years out, it’s time to take stock and lay the groundwork.
Here’s what to do now:
- Assess your savings: Review RRSPs, TFSAs, pensions, and non-registered assets. Are you on track to meet your retirement income goals?
- Maximize contributions: Take advantage of RRSP room and catch-up limits—especially if you’re 50+.
- Reduce high-interest debt: Begin paying off outstanding loans and avoid new long-term liabilities.
- Explore your retirement vision: Where will you live? What will daily life look like? Get specific.
Takeaway: Retirement success starts with a solid financial and lifestyle plan. Begin both now.
We’re here to guide you—both on the road to retirement and throughout the journey beyond.
Whether you’re five years away or just a few months out, our team is ready to help you plan with clarity and confidence. Feel free to reach out anytime to discuss your retirement goals in more detail—we’re always just a call away.
Sincerely,
Harvey Morrison Private Wealth