Retirement and Financial Planning: It’s Easier Than You Might Think

No matter what stage of life you’re in, talking about money is rarely easy. Students, newcomers, couples, retirees, parents and those starting over all face different money challenges, but there’s one thing that’s common – talking about them can make all the difference. RBC’s new video series “The Drive” aims to make these real-life conversations more approachable, bringing everyday Canadians together, to share in the dialogue.

In this episode, Jesse Jones drives through Ottawa, Ontario with three passengers who chat about getting ready for retirement – from saving to planning to how they plan to spend their time.

Retirement sparks a mix of emotions in Canadians: excitement, joy, uncertainty and sometimes fear. If you’re worried, you’re not alone. A recent survey found that 61% of Canadians fear running out of money in retirement. Many also worry about getting bored after leaving the workforce.

But retirement doesn’t have to be daunting. Whether it’s right around the corner or years away, you can approach it with confidence and purpose. Here’s how:

Don’t dwell on your regrets

It’s easy to look back and wish you had saved more, invested earlier or made different choices. But rather than dwelling on the past, focus on where you are today and what you can do now to improve your financial outlook.

If you’re concerned about coming up short, consider:

• Delaying retirement – Working a few extra years can boost savings, increase CPP benefits, and shorten the time your savings need to last.

• Downsizing or relocating – If housing is your biggest expense, moving to a smaller home or lower-cost area can free up funds.

• Adjusting spending – Small changes in discretionary spending—like cutting back on unnecessary subscriptions—can make a big difference.

• Paying down debt – Entering retirement with less debt means fewer financial obligations eating into your savings.

• Optimizing investments – Are your investments set up to continue growing your money? Keep in mind, retirement may last 30 years or so – you want your investments working hard for you along the way.

Know that retirement isn’t one-size-fits-all

Forget the outdated image of retirement as endless golf games and winters in Florida. Your retirement should reflect your lifestyle, values and interests.

More Canadians are choosing to:

• Work part-time to stay active and supplement their income.

• Start passion projects or businesses that bring fulfillment without financial pressure.

• Volunteer to stay connected and make a difference in their communities.

• Travel, garden, or spend more time with family – whatever feels most rewarding.

The key is to build a retirement plan that aligns with what truly matters to you.

Lean on experts for support

Financial planning isn’t just for the wealthy – it’s for anyone who wants to feel confident about their future.

Did you know? Research shows that investors who work with an advisor have almost four times the assets of investors who don’t over a 15-year period. 80 percent of investors say their advisor has helped them save and more than three-quarters of those who use an advisor have a positive sense of well-being.

A financial advisor can help you build a savings and investment strategy tailored to your goals, create a retirement income plan so your money lasts and present ideas that consider taxes, your estate plan and long-term care contingencies. Plus, they can help you navigate government benefits like CPP, OAS, and GIS, so you can maximize them throughout your retirement.

Retirement isn’t something to fear—it’s an opportunity to shape a life that’s fulfilling and financially secure. The sooner you start planning (or adjusting your plan), the more control you have over your future.

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