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 3: Simulate and Strategize
Three years out is the perfect time to test and adjust. Think of this year as a dress rehearsal.
Key steps:
- Run a trial budget: Start living on your projected retirement income to test its sustainability.
- Evaluate your location: Will you downsize, relocate, or age in place?
- Solidify healthcare plans: Understand what’s covered, and prepare for what isn’t.
- Check your emotional readiness: Are you developing new routines and social ties for retirement life?
- Check your asset allocation: Begin shifting from growth to preservation, building in short-term cash and income buckets.
Takeaway: Retirement isn’t just financial—it’s personal. Start shaping the life you want 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