Instead of being years off, your retirement is suddenly happening right now. Asking your advisor these questions can help you manage the transition.
For most of our working lives, retirement can feel like a distant dream. But a sudden and unexpected change in the latter stages of your career – a department restructuring, a health issue, a buyout package – can mean that, ready or not, your retirement is happening right now. In a 2017 AARP survey, 47% of respondents reported retiring earlier than expected. Earlier research by the Ontario Securities Commission revealed similar results: Well over half the Canadians over age 50 surveyed said something outside their control had affected their retirement plans. Research by Sun Life Financial backs up this finding, with less than a third of retirees surveyed reporting they had left the workforce as expected:
For whatever reason, the thought of retiring before you had planned to can be dismaying.
But don’t panic: You’ve been getting ready for this your whole working life; it’s just the timeline that’s moved up a bit. What’s your first step? Gather all your relevant documents and book an appointment with your advisor. By asking a few key questions, your advisor can help you talk through the transition and develop a plan for moving forward.