At a time when retirees are thinking about a new life, many neglect making provisions for a power of attorney for when they’re no longer able to make their own decisions
More than 90 per cent of Canadians with a written financial plan say they feel financially prepared for retirement, according to the recent 2023The findings suggest all the planning in the world cannot prepare retirees for the mental shock of retirement.
Globe Advisor spoke with three veteran financial advisors about the top surprises – good and bad – that many new retirees face when they embark on this new phase of life.Even when it comes to portfolio management, Mr. Driscoll says many new retirees have trouble coming to terms with the need to invest more conservatively to ensure their savings are secure.
One of the bigger mistakes he has seen from new retirees with significant nest eggs is being too generous early in their retirement and giving money to their children. While some retirees are too frugal with their money, she says many overlook basic cost-saving measures such as tax planning, which can be beyond the scope of an advisor and requires a specialist.
“These conversations are morbid, but they’re very important to have,” she says. “We’re all going to die sometime but we don’t know when, so we have to plan for it.”Barry Schwartz, executive vice president, chief investment officer and advisor for 23 years at Baskin Wealth Management in Toronto, says he finds the desire to spend in retirement is often offset by the fear of running out of money.
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