{"id":57753,"date":"2020-03-02T18:55:00","date_gmt":"2020-03-02T18:55:00","guid":{"rendered":""},"modified":"2024-02-16T12:01:07","modified_gmt":"2024-02-16T17:01:07","slug":"how-to-plan-for-retirement-and-a-recession","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/how-to-plan-for-retirement-and-a-recession\/","title":{"rendered":"How to Plan for Retirement \u2014 and a Recession"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/protecting-wealth\/\">\n\t\t\t\t\t\t\t<span>Protecting Wealth<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">How to Plan for Retirement \u2014 and a Recession<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Retirement_iThumbnail-default_402x-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Retirement_iThumbnail-default_402x-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Retirement_iThumbnail-default_402x-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Retirement_iThumbnail-default_402x-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How to Plan for Retirement \u2014 and a Recession &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/how-to-plan-for-retirement-and-a-recession\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/how-to-plan-for-retirement-and-a-recession\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published March 2, 2020 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p><em>This article originally appeared on the RBC Wealth Management content hub on February 5, 2020.<\/em><\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-2a1dbda7-82f2-4309-af0e-a13c4fece9cd\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p>It&#8217;s been just over a decade since the last recession when the TSX lost 35 per cent of its value \u2014 or about C$700 billion \u2014 but the event remains fresh in the memories of retirees who were living off their investments at the time.<\/p>\n\n\n\n<p>The market correction in the fourth quarter of 2018, and the increased volatility overall in the past couple of years, are reminders for older Canadians to ensure their income needs will be met when they slow down or stop working altogether.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to find the \u201cright&#8221; equities mix<\/h2>\n\n\n\n<p>The right mix of stocks, bonds and other assets comes down to an investor&#8217;s risk tolerance, income and spending habits and, of course, their retirement goals.<\/p>\n\n\n\n<p>While every investor&#8217;s personal circumstance and risk tolerance is unique, a standard practice for investors is to hold a percentage of stocks equal to 100 minus their age. For a 60-year-old, for example, it would mean 40 per cent of their portfolio would be in equities.<\/p>\n\n\n\n<p>&#8220;Equities are still an important part of any retirement portfolio,&#8221; says Howard Kabot, vice president of financial planning at RBC Wealth Management. &#8220;You may want to reduce your exposure to equities as you retire, but not completely come out of them.&#8221;<\/p>\n\n\n\n<p>Retirees are often advised to reduce their equity exposure as they age, to better prepare for potential market shocks. This rule may be good for some, but not followed as strictly today, given people are living longer and may need to stretch <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/a-financial-plan-for-your-extended-retirement\" data-dig-id=\"LP-57753-fca06569\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"their retirement savings\" class=\"rbc-link-format\">their retirement savings<\/a>.<\/p>\n\n\n\n<p>Determining that ideal mix begins with having a personalized financial plan.<\/p>\n\n\n\n<p>&#8220;Whether you&#8217;re in your 20s or 70s, if you&#8217;re not sure what your goal is, and don&#8217;t have a written plan letting you know how you&#8217;ll reach that goal, you&#8217;re not going to know what decisions to make, especially in a market downturn,&#8221; says Allison Marshall, vice president of high-net-worth planning services and financial advisory support at RBC Wealth Management.<\/p>\n\n\n\n<section class=\"wp-block-rbc-section-block section-cool-white pos-rel  pad-t-0 pad-b-0\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-0 pad-b-0\" style=\"border-radius:0x\">\t\n\t<div class=\"wp-block-tk-spacer id-177f3234-c8cd-4603-b9dc-959b754f6f80\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-group mob-mar-l-hlf mob-mar-r-hlf is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"h2\">&#8220;If you maintain the discipline and perspective during a market downturn \u2014 with a plan in place \u2014 that will go a long way to overcoming the stress of where the markets are on a day-to-day basis.&#8221;<\/p>\n\n\n\n<p>A. Marshall<\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-7d32668b-b018-43f1-9208-c0c7a2182cab\" aria-hidden=\"true\"><\/div>\n\t<\/div>\n<\/div>\n<\/section>\n\n\n\n<h3 class=\"wp-block-heading\">The benefits of a financial plan<\/h3>\n\n\n\n<p>&#8220;A financial plan provides projections to allow people to decide if they can retire at the desired age, such as 60 or 65, or if they need to continue to work to build their savings to the level required to meet their retirement funding,&#8221; says Abby Kassar, vice president of high net worth planning services at RBC Wealth Management.<\/p>\n\n\n\n<p>A financial plan for retirees includes various projections to help determine if their assets will provide them with the income required to fund the retirement they want.<\/p>\n\n\n\n<p>A financial plan should also include alternative projections, using different rates of return, to account for a possible market drop and the impact on the value of the assets and investments.<\/p>\n\n\n\n<p>&#8220;The last thing you want is to be in a position where you&#8217;re forced to draw out funds during a downturn,&#8221; says Marshall. &#8220;If you maintain the discipline and perspective during a market downturn \u2014 with a plan in place \u2014 that will go a long way to overcoming the stress of where the markets are on a day-to-day basis.&#8221;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Have your &#8220;financial house&#8221; in order<\/h4>\n\n\n\n<p>To help prepare for a recession, retirees should also ensure they have their &#8220;financial house in order,&#8221; says Kabot.<\/p>\n\n\n\n<p>&#8220;It&#8217;s actually a good approach for everyone, in good times and in bad,&#8221; he says.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>For pre-retirees who are looking for more income as they age, Kabot suggests paying down debt, starting off with loans that have the highest interest rate.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>As for income, he says people with defined benefit pensions can rest easy, given those payments are likely to remain intact.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Retirees should also have a tax-efficient strategy for how and when to collect government income such as the Canada Pension Plan and Old Age Security, says Kassar.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Lastly, Kassar says retirees should make sure they have a Will and power of attorney in place to ensure their assets are passed on based on their wishes.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Having an updated, comprehensive Will and estate plan may reduce the stress on beneficiaries because they&#8217;ll understand what to do with the assets they&#8217;re given. Having a Will can also prevent a forced sale of assets, such as stocks or a home, during a recession, when values are likely to be lower.<\/p>\n\n\n\n<p>Regardless of which way markets trade in future, Kassar, Marshall and Kabot agree pre-retirees and retirees should have a financial plan that answers the big question: &#8220;What do I want the rest of my life to look like?&#8221; Once that&#8217;s established, and they have a roadmap, they can enjoy their retirement \u2014 in good economic times, and bad.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-b83e5b11-4b96-4501-9cf5-27c64696de6e\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How to Plan for Retirement \u2014 and a Recession &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/how-to-plan-for-retirement-and-a-recession\/\">\n        <img decoding=\"async\" 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id-bca3166e-f088-4c13-a32b-373584a7d2f7\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/protecting-wealth\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Protecting Wealth<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/rrsp\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">RRSP<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/stocks\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Stocks<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b 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Beginners\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/economics-101-how-supply-and-demand-impacts-everyday-life\/\" class=\"card-title h4 mar-t-0\">How Supply and Demand Affect Prices and Everyday Life in Canada<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1488068802.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail 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{\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>A financial plan can help you prepare for market volatility with the right mix of stocks, bonds and other assets in your 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