Firstly, let me admit to my bias … I’m scared of a client running out of money. Every year, I seem to meet with somebody’s mom or dad whose RRIF has run out. And by then, it’s too late.
A successful retirement plan requires a clear understanding of tax, inflation, investment risks and returns. It also requires an annual review and an ongoing conversation – because it is a lot like drawing a line in the sand – circumstances will change and your plan will need to adapt to that.