The Ultimate Retirement Framework for All Ages

We dive into what really matters behind your investments: retirement.

We’re giving you a clear, practical framework for navigating every stage of the journey. Whether you’re 10+ years away, 5 years out, recently retired, or well into your later years, this episode covers mindset shifts, planning tips, investment strategy, and lifestyle considerations for each phase.

You’ll Learn

10+ Years Before Retirement: Laying the Groundwork

At this stage, you aim to build good habits and get your money working for you. Retirement may feel far off, but this is when your long-term success is truly shaped.

Start saving, even if it’s just $50 a month. Consistency matters more than amount early on.
Focus on developing your investment strategy. Don’t chase trends—choose something you understand and stick with it.
Don’t worry about precision—big-picture projections are enough for now.
Choose your accounts wisely. Learn the pros and cons of TFSA vs. RRSP and factor in pension plans or debts.
Expect reasonable returns over time:
- Equities: 6–7%
- Fixed income: 3–3.5%
- Cash: 2–2.5%
- Inflation: plan for 2%

0–5 Years Before Retirement: Getting Precise

Now it’s time to zoom in. With retirement around the corner, clarity becomes your best friend.

Revisit your original plan and make adjustments based on your actual portfolio size.
Simulate different retirement dates. What if you delay by one year? What if you leave early?
Test your plan with a “bad year” scenario—a 15–20% market drop. Can your retirement survive that?
Get specific about your income sources. Understand the tax impact of your withdrawal sequence:
- Non-registered
- RRSP/RRIF
- TFSA
Visualize your retirement lifestyle:
- Will you travel?
- Support kids or grandkids?
- Downsize or stay put?

Early Retirement: Transitioning to Decumulation

This mental shift is harder than most expect. Going from saving to spending takes courage—and planning.

Many retirees hesitate to draw from their portfolios. Clear projections can help shift your mindset.
Build a flexible budget:
- Good market years? Spend a little more.
- Bad years? Pull back and stay on track.
Run your plan annually. Think of it as retiring anew each year—check your numbers and make small tweaks.
Be cautious with high-yield income products:
- Some reduce distributions over time
- Not all keep up with inflation

Retirement Goals: Customize Your Strategy

Your plan should reflect your top priority. Mike outlines three common goals:

Retire Early

You’ll need discipline, frugality, and a reliable plan.

Save aggressively and invest wisely.
Use conservative assumptions (3–3.5% withdrawal rate).
Review your plan annually to stay on track.

Maximize Retirement Budget

You want to enjoy life to the fullest—and that’s okay.

Understand the 3 retirement phases:
- Go-Go: High activity and spending
- Slow-Go: Fewer outings, lower budget
- No-Go: More healthcare, fewer adventures
Delay CPP/OAS if possible to boost your guaranteed income later.
Keep a cushion, even if you aim to “die with zero.”

Maximize Estate Value

You want to leave a legacy—and reduce taxes in the process.

Prioritize TFSA and principal residence (tax-free).
Withdraw from RRSP/RRIF before it’s too late—avoid massive tax bills later.
Consider life insurance as a tool for legacy gifting.
Manage your portfolio with long-term growth in mind (equity-focused).

Looking for Retirement Income? Here’s Your Guide!

This free guide reviews 20 income-focused products. In the one-page summaries, we highlight the pros and cons, common mistakes to avoid, and who should use them.

We also created a rating system to highlight the difference between each product. The idea is to provide you with as much information as possible so you can make the right choice for your situation.

While there is no free lunch in finance, there are multiple ways to reach your retirement goals.

Download The Canadian Retiree’s Guide to Income-Producing Investments Now!