Reinventing your Retirement Planning | Thomas Chan
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Reinventing Your Retirement Planning

Everyone has an opinion on retirement planning. And I mean everyone! There seems to always be some uncle from your family or friend that tells you some magical thing you don’t want to miss out on and what you should invest in. In the 10 years that I have worked as a financial advisor helping clients plan for their retirement in Canada, most people look for the traditional route AKA the “asset accumulation” strategy. But have we stopped to think what is the point of all this asset accumulation? How much is enough?

What do you actually want to do in retirement?
Do you want to travel?
Will you live at home and spend time with family?
What will fun hobbies will you have?

By starting with these questions, you’ll see why you need to look for a flexible retirement strategy instead of focusing on one single solution like a traditional asset accumulation. Below I outline three ways to toss out the traditional retirement planning route to create a more flexible strategy, one that combines the technicalities of life coaching and financial advice. Too many are Canadians feeling stressed from the thought of retirement but that doesn’t have to be you.

First, let’s focus on what a retirement life looks like for you.

Start With Fulfillment

retired grandparents holding hands

Yep! Fulfillment. Regardless if you are a business owner or employee, one of the biggest goals that seem to appear is fulfillment.

Fulfillment can come in many forms. For some, it’s leaving a legacy of accomplishments. For others, it is as simple as being around grandchildren and watching them grow.

Seems unimaginable? Well, the first step is imagination.

Visualize that dream retirement. Play out your daily activities. Do you now see why we want to challenge the status quo of retirement?

One thing to note, when preparing for something like this, it’s not always easy. Sometimes it will require an open mind to new strategies you haven’t heard of.

It’s challenging, but if you are ready to face these challenges and grab hold of your future retirement life, then read on!

Think and execute

Alright, so we know what floats our boat. Not in terms of dollars, but in terms of activity. Let’s look at where we are now. 

It’s not always easy to look at our finances. Embarrassment and insecurities of money is often the roadblock stopping you from achieving the financial stability you want.

When you analyze your finances, plan it out so that you are on track to reach specific goals.

If you are looking for a balanced retirement, consider a personalized pension you can build. To do so, research different annuities plans from insurance companies in your country.

If your health is a concern, look at what insurances you currently have in place. Is there anything you can add to your insurance but also acts as a retirement buffer?

Consider your current hobbies. Do you see yourself doing those hobbies later into your retirement? If so, you can also look into how to start to develop a way to monetize it. You could teach it, create videos for ads, or even blog about it.

In summary, decide what do you need to execute TODAY so that you can have the fulling retirement you have set out to do.

Invisible support

hands coming together to signify support such as a retirement plan

The traditional retirement plan worked 30 years ago. With its 16% high-interest rates, it made sense to just shovel money away.

But what worked then doesn’t work today. In the same way, what works today, probably won’t work 30 years from now. 

So what do we do? We use the most up to date strategies now and adjust as we go. Our goals don’t change, but our strategies need constant updates.

In a world where fast change is the norm, staying nimble and open is key.

Going into 2021, plan out your retirement where your finances are invisible.

Build it in a way where you are confident in knowing that you are well taken care of. Reinventing retirement planning starts with systems.

  • Start with taking care of your health. Without it, you have nothing. In addition to making sure you exercise, also have contingency plans such as emergency funding and insurance plans set in place
  • Next is your day-to-day. Prepare a plan in which your general expenses are covered. Government benefits do help, but also build up a personal guarantee income pension so that you can cover daily expenses without thought.
  • One powerful way to retire and travel is to also turn your hobby, into revenue. While I might not be an expert in all cases, as a coach I can point you in the right direction. With a vast network of experts around me, finding the right model for you is within my grasps.
  • Not everyone does, but some settle down. At the start of retirement, you are high on energy and going. But as things do eventually slow, more time will be spent on family. Consider preparing long term care so you can live at home.
retired grandma and grandpa figurines

The traditional route is simply an asset accumulation. While it could work, more often I find it just highly inefficient. Often people are afraid that all this planning will cost them a significant amount. But sometimes, it really is just moving money from pocket A to pocket B.

The ultimate goal, create a system where the support is invisible.

All it takes is the right guide.

My challenge to the traditional route is simple: take the expertise of life coaches and combine it with the power of financial coaching. Create a customized plan and execute.

Want a free consult to talk about your retirement plan? Schedule an appointment with me.

If you’d like to learn more, here’s a video on three mistakes people make when planning for retirement. Often mistakes are hidden until it is too late. Knowledge is power and this takes you one step closer to reinventing retirement planning.

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Thomas is an advisor with NOVELLA WEALTH

270-10691 Shellbridge Way
Richmond, B.C. V6X 2W8
Canada

(t)604-338-8392

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