{"id":750,"date":"2020-11-21T23:52:22","date_gmt":"2020-11-21T23:52:22","guid":{"rendered":"https:\/\/www.thomascchan.com\/old\/?p=750"},"modified":"2020-11-29T21:58:46","modified_gmt":"2020-11-29T21:58:46","slug":"reinventing-retirement-planning","status":"publish","type":"post","link":"https:\/\/www.thomascchan.com\/old\/reinventing-retirement-planning\/","title":{"rendered":"Reinventing your Retirement Planning"},"content":{"rendered":"\n

Reinventing Your Retirement Planning<\/h1>\n\n\n\n

Everyone has an opinion on retirement planning. And I mean everyone! There seems to always be some uncle from your family or friend that tells you some magical thing you don\u2019t want to miss out on and what you should invest in. In the 10 years that I have worked as a financial advisor helping clients plan for their retirement in Canada, most people look for the traditional route AKA the “asset accumulation” strategy. But have we stopped to think what is the point of all this asset accumulation? How much is enough?<\/p>\n\n\n\n

What do you actually want to do in retirement<\/a>?
Do you want to travel?
Will you live at home and spend time with family?
What will fun hobbies will you have? <\/p>\n\n\n\n

By starting with these questions, you’ll see why you need to look for a flexible retirement strategy instead of focusing on one single solution like a traditional asset accumulation. Below I outline three ways to toss out the traditional retirement planning route to create a more flexible strategy, one that combines the technicalities of life coaching and financial advice. Too many are Canadians feeling stressed from the thought of retirement<\/a> but that doesn’t have to be you.<\/p>\n\n\n\n

First, let’s focus on what a retirement life looks like for you. <\/p>\n\n\n\n

Start With Fulfillment<\/h2>\n\n\n\n
\"retired<\/figure>\n\n\n\n

Yep! Fulfillment. Regardless if you are a business owner or employee, one of the biggest goals that seem to appear is fulfillment.<\/p>\n\n\n\n

Fulfillment can come in many forms. For some, it\u2019s leaving a legacy of accomplishments. For others, it is as simple as being around grandchildren and watching them grow.<\/p>\n\n\n\n

Seems unimaginable? Well, the first step is imagination.<\/p>\n\n\n\n

Visualize that dream retirement<\/strong>. Play out your daily activities. Do you now see why we want to challenge the status quo of retirement?<\/p>\n\n\n\n

One thing to note, when preparing for something like this, it\u2019s not always easy. Sometimes it will require an open mind to new strategies you haven\u2019t heard of.<\/p>\n\n\n\n

It\u2019s challenging, but if you are ready to face these challenges and grab hold of your future retirement life, then read on!<\/p>\n\n\n\n

Think and execute<\/h2>\n\n\n\n

Alright, so we know what floats our boat. Not in terms of dollars, but in terms of activity. Let\u2019s look at where we are now. <\/p>\n\n\n\n

It\u2019s not always easy to look at our finances. Embarrassment and insecurities of money is often the roadblock stopping you from achieving the financial stability you want.<\/p>\n\n\n\n

When you analyze your finances, plan it out so that you are on track to reach specific goals.<\/p>\n\n\n\n

If you are looking for a balanced retirement, consider a personalized pension you can build. To do so, research different annuities plans from insurance companies in your country.<\/p>\n\n\n\n

If your health is a concern, look at what insurances you currently have in place. Is there anything you can add to your insurance but also acts as a retirement buffer?<\/p>\n\n\n\n

Consider your current hobbies. Do you see yourself doing those hobbies later into your retirement? If so, you can also look into how to start to develop a way to monetize it. You could teach it, create videos for ads, or even blog about it.<\/p>\n\n\n\n

In summary, decide what do you need to execute TODAY so that you can have the fulling retirement you have set out to do.<\/p>\n\n\n\n

Invisible support<\/h2>\n\n\n\n
\"hands<\/figure>\n\n\n\n

The traditional retirement plan worked 30 years ago. With its 16% high-interest rates, it made sense to just shovel money away.<\/p>\n\n\n\n

But what worked then doesn\u2019t work today. In the same way, what works today, probably won\u2019t work 30 years from now. <\/p>\n\n\n\n

So what do we do? We use the most up to date strategies now and adjust as we go. Our goals don\u2019t change, but our strategies need constant updates.<\/p>\n\n\n\n

In a world where fast change is the norm, staying nimble and open is key.<\/p>\n\n\n\n

Going into 2021, plan out your retirement where your finances are invisible.<\/p>\n\n\n\n

Build it in a way where you are confident in knowing that you are well taken care of. Reinventing retirement planning starts with systems.<\/p>\n\n\n\n