Economic uncertainty, inflation, and affordability challenges are top of mind for many Canadians right now, and it’s having a real impact on how our families are thinking about retirement. Rising costs and market volatility are making it harder to feel confident about the future, especially for those nearing retirement.

According to a recent retirement survey, 56% of Canadians are concerned they won’t have enough money to retire, and nearly half of pre-retirees are considering delaying retirement beyond their original plans. It’s a reflection of how today’s economic pressures are forcing people to rethink their timelines and financial strategies.

Retirement is a major life transition, and it’s understandable to feel unsettled, especially when outside pressures make it seem like your plans are no longer on track.

But while you can't control the broader economy, there are important steps you can take to stay aligned with your goals:

1. Review your investment strategy: A well-diversified portfolio that includes 5-6 asset classes remains one of the best defenses against market volatility. As you approach retirement, gradually adjusting the portfolio approach and reassessing risk can help balance growth with stability.
2. Build a flexible retirement plan: Retirement today looks different than it did even a decade ago. Many people are continuing to work part-time or even launch small businesses in retirement. If you're open to adjusting your retirement timeline or supplementing your income, you can build greater financial security over time.
3. Understand your expenses: Knowing where your money goes, now and in the future, can help you create a realistic spending plan that supports the retirement lifestyle you want.
4. Talk to your financial team: If you're feeling uncertain, you're not alone. Canadians are leaning on their financial team for advice to help make sense of the shifting landscape. Unfortunately, a high percentage of them are working with traditional advisors who simply manage the portfolio rather than their overall wealth, which includes tax planning, cash management, intergenerational wealth planning, etc.

A well-constructed retirement plan can provide peace of mind and a clearer path moving forward.

What we’ve learned over the years is planning for the next stage of life doesn’t stop during uncertain times, in fact, that’s when it matters most. With the right strategy and support, you can continue building toward a secure and fulfilling retirement, even as the world changes around you.

In the event you have questions about your financial situation, please don’t hesitate to reach out.

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