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Retiring is a transition that is different with everyone; some retire fully, while others might transition by working part-time or maybe starting their own business. Personal finances such as savings, investing, estate planning, debt management and budgeting can be difficult and draining. It is why you need someone objective in your life to help, a financial coach. How can you take retirement planning to the next level?

As it is in competitive sports, successful athletes have a coach. Individuals or families are like athletes. It is my job to help those understand and apply the following proven techniques:

●            Setting goals

●            Accountability

●            Long Range Planning

  </div> <div style="text-align:justify;"> There is another important differentiating factor: non-financial retirement planning. Therefore, I have been an advocate of holistic retirement planning for many years. It makes the difference. After all, money doesn’t buy happiness, and it is just a tool. As my dear old dad says, “happiness comes from things like peace and contentment!”. Having a true understanding of your behaviour and emotions with money is very important. Talking about these factors really helps. We want to reduce stress, not mask it. One of the large financial services companies, Sun Life, identifies five risks in retirement planning:

1. Longevity - how long you live and need retirement income
2. Inflation - the rising cost of living
3. Market - variability of investment markets
4. Health – the cost of future health care
5. Mortality – if you have a spouse who dies early, how does that impact your retirement income

Think of yourself as a small business. Everyone needs to understand the power of proper cash flow management. Many great companies have failed because of mismanaged cashflow as have many families. In fact, financial stress is one of the leading causes of relationship breakdowns and family turmoil. It is not only lower-income families that suffer financial worries or setbacks, but it is also higher-income families. Many high-income individuals have sought relief under the Bankruptcy and Insolvency Act alongside lower-income individuals. Higher-income often means higher expenses and increased debt loads. In closing, your Retirement Plan should include an in-depth look at your financial situation now. Making those crucial cashflow decisions before retirement can have a significant favourable influence on your retirement future. Douglas E. Wright CFP, PFP, B. Comm, B.Ed. https://wiltshirefinancial.ca/ Wiltshire Financial Management Inc. 100 - 237 Brownlow Ave, Dartmouth, NS B3B 2C6 (902) 404-8410 (cell) / 902-449-7637 / fax 902-468-7292 <span style="color:var(--color-text);">To receive a free copy of Douglas' new book, </span>Transitions, A Retirement Playbook<span style="color:var(--color-text);">, send an email at doug@wiltshirefinancial.ca</span> </div>