How is your retirement looking?

How is your retirement looking?

I spend a lot of time these days doing retirement projections for my clients. I have a great computer program that displays your current age, planned age of retirement, what CPP and OAS will be when you start to take income, as well as future values for any savings, RRSPs, pensions etc. This is a valuable tool because it shows if you are on track, or not. And if you are not, you can make some decisions as to what to do. For example do you need to be saving more, working longer or changing your expectations about retirement?

It use to be that people worked until 65, retired and then passed away at a young age. Now people live to be much older so the money is needed to last that much longer. Medical breakthroughs have changed our life expectancy and we need to be able to have the financial resources available to cover that period. Inflation is also a factor. Even a low inflation rate will have costs increasing over time.

A blanket formula like ‘everyone needs a million dollars to retire’ can’t be used. How much you need completely depends on how much you will spend in retirement, what income sources you have (i.e. pensions, rental income, investment income etc.) and how the money will be invested (the return rate), as well as inflation and taxes.

Obviously the sooner you start to plan your retirement, the better off you will be. If you are interested in looking at this now, contact me at

This article was prepared solely by Laura Chanin who is a registered representative of HollisWealthTM (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada). The views and opinions, including any recommendations, expressed in this article are those of Laura Chanin alone and not those of HollisWealth.
TM Trademark of The Bank of Nova Scotia, used under license.

Image ©Stuart Miles/