Putting the Pieces Together to Protect Your Well-Deserved Retirement

Creating a solid retirement financial plan that is built around the lifestyle you worked so hard for and knowing how to adjust that plan for planned and unexpected change will help you as you transition into retirement.

So far, this article series has explored the importance of creating a financial plan and adapting that plan as life changes. It is time to look at how those pieces work together to help protect your financial security, support your well-being, and give you greater confidence in retirement.

When the pieces need to work together

Healthcare, travel, taxes, pensions, and personal savings can look like separate subjects until a real-life decision brings them together.

Take someone who wants to spend several months travelling each year. That choice affects annual spending and may change what they look for in travel medical coverage. If additional travel is funded through registered savings, the withdrawals may increase taxable income. That, in turn, affects how much money is actually available to spend and may influence decisions about other sources of retirement income.

Scenario planning can be particularly useful. This exercise might explore what happens if travel spending is higher for several years, healthcare costs change, inflation runs higher than anticipated, or one spouse lives considerably longer than the other.

Think back to some of the questions that came up while you were doing your retirement planning:

• If travel is important to me, what kind of protection would I need?
• What healthcare expenses could become my responsibility?
• How much flexibility would I have if my health, housing, or family circumstances changed?

The purpose is not necessarily to find one perfect answer. It is to see the consequences of different choices before making them and understand which trade-offs fit your circumstances.

Protecting the retirement lifestyle you worked for

Retirement planning ultimately comes back to the life you want your money to support.

Healthcare planning can prepare you for expenses that are not covered elsewhere. Thinking ahead about travel can help preserve the freedom to explore without overlooking the financial implications of being away from home. Pensions and government benefits can provide an income foundation, while personal savings can give you room to adjust when life does not unfold exactly as expected.

And, over a retirement that may span several decades, those needs and priorities can change.

So, while “will I have enough?” will always be an important retirement question, there is another one worth asking:

“Will my income, coverage, and savings give me enough flexibility to live the retirement I want?”

Articles and educational resources are useful for understanding the choices and knowing which questions to ask. A financial professional can take the next step by looking at how those choices interact with an individual’s pension, savings, taxes, family circumstances, lifestyle priorities and comfort with risk.

How ASEBP supports you

Retirement comes with new opportunities, priorities, and decisions. Whether you are planning for future health needs, managing your finances, or preparing to travel, ASEBP’s MyRetiree Plan offers flexible coverage specifically designed for retired education workers.

To support you with future planning and budgeting, ASEBP’s MyRetiree Plan also offers a free quote tool to help you explore your options.

As an ASEBP covered member, you also have unlimited access to financial advice through your Employee and Family Assistance Program (EFAP). For example, you can call with questions about estimating how much you may need for retirement and how long your savings may need to last, understanding your retirement income sources, or how decisions about the Canada Pension Plan (CPP), Old Age Security (OAS), and personal savings could affect your finances. A financial professional can help you explore different scenarios, understand your options, and identify practical next steps based on your circumstances. This service is available to you at no cost. Visit asebp.ca/efap to learn more and register for your GreenShield+ account.

The information provided through the Ask an Expert Hub is for personal use, reference, and education only. It is not intended to provide personalized medical, mental health, legal, financial, or other professional advice. Members should consult an appropriate health care provider, pharmacist, financial professional, legal advisor, or qualified professional before making decisions related to their individual circumstances.