How a vacation convinced this former health care exec it was time to retire. Plus, read our new series: Is the wealth management industry ready for the decumulation challenge?“I retired in January, 2023, at age 65 after a 40-year career in health care – the first 30 years working for a private company in Montreal and the past decade for the British Columbia Ministry of Health in Victoria,” says Joni Magil, 67, of Sidney, B.C., in this Tales from the Golden Age article.
“But when he got better, I realized I didn’t have enough to do in retirement. It felt like I went from full speed to full stop,” she says. Magil worried that perhaps she’d made a mistake. But then she slowly started taking up different activities. Olivia, 55, and Elijah, 65, want to spend $120,000 in retirement. How close are they to hitting that goal?
When they have both fully retired, Olivia and Elijah plan to move from British Columbia to Saskatchewan to be closer to family. They hope to travel extensively in the winter. In the meantime, they want to invest and save as much as possible, catching up with their unused tax-free savings account contribution room., Trevor Fennessy, a portfolio manager at CWB Wealth Partners in Calgary, looks at Elijah and Olivia’s situation. Mr.
Take a 65-year-old couple retiring today with full Canada Pension Plan and Old Age Security benefits. Their combined registered retirement savings plans total $1.36-million and earn 5.22 per cent annually, and they spend $100,000 a year adjusted for inflation.However, when you factor in volatility, thereby introducing a sequence of return risk, the picture is not so rosy. At 85 , the couple has a 12.5 per cent chance of running out of money.