D Smith: Keep retirement plan on track

Are you concerned you may outlive your money? Some people fear outliving their assets more than they fear their own death.

Are you concerned you may outlive your money?  Some people fear outliving their assets more than they fear their own death.

We can’t predict our future, or the many factors that can effect how long we live. We can take positive steps to reach lifestyle and financial goals.

Take good care of yourself. Eat healthy, exercise, avoid stress and have routine medical and dental checkups.

You do not want to stop working earlier than planned due to health concerns, or have to pay expensive health care costs for the rest of your life.

Balance your life now. Take care of the most important person you are responsible for—yourself.

Balance your priorities daily, weekly and monthly. Too much work or too much play can cause an improper balance in your life.

Avoid unnecessary debt. Spiraling debt can wreck the best intentioned retirement plan.

Try to pay down your debts, and stay away from high interest cost credit cards. Families should work together to avoid excessive spending; if one person is a spender and another is a saver, this can cause a family conflict.

Work together to manage and control spending and saving habits.

Be realistic about future inflation. Ten years ago, most seniors did not own a cell phone.

Today most seniors have a cell phone, and also a home computer to e-mail friends and family.

Inflation and changing technology can erode our retirement savings.

Plan for the unexpected. Do you have a back up plan in the event of an emergency? Set aside some extra cash to cover an unexpected crisis in your life.

The crisis may not involve you, but may involve a family member. What about a sudden job loss, or accident?

Pay yourself first.

When you earn more, save more. Set aside a portion of a bonus, tax refund, or inheritance to increase your retirement fund. Look for ways to earn extra income during your lifetime and in retirement.

Start a small business, work some overtime, or work your way up the ladder within your company to a higher paying job.

Continue to research options that may be available to you.

Choose to work longer. Staying in the workforce means more years to save and fewer years of drawing on your retirement income. Many people in retirement are interested in working part time or may take the opportunity to start a new business venture.

Know your own number. How much do you need for a comfortable retirement?

Prepare a budget sheet or fact finding summary to help you find out your own number. Put all your income on one side of the sheet and all your expenses on the other side.

If you have a shortfall in retirement income, are you setting aside a monthly amount to supplement the Canada Pension Plan, Old Age Security  and other pension income?

If you need help or have questions, talk to a financial expert.

Keeping your retirement plans on track is a positive step to staying focused and committed to reaching your financial and lifestyle goals.



Doreen Smith is a Certified Financial Planner with Capri Wealth Management Inc.




Kelowna Capital News

Just Posted

Brenda Ware. (RCMP)
Murder charge laid against man in Kootenay National Park homicide

Philip Toner was located in Lake Country on May 11

Michelle St. Pierre, UBCO’s 2021 graduate student researcher of the year, is hoping to change the discussion surrounding the therapeutic use of psychedelic drugs. (UBCO photo)
UBCO researcher examining therapeutic use of psychedelic drugs

Michelle St. Pierre has been researching the use of psychedelics since 2015

The community is rallying around Phil Hotzon who needs a new electric tricycle. (Contributed)
Tricycle for Phil: Support pours in for Kelowna man with traumatic brain injury

Phil Hotzon lost his electric tricycle after falling into Mill Creek, fundraiser aims to replace it

(Pixabay photo)
Morning Start: Dogs can understand some English

Your morning start for Wednesday, May 12, 2021

B.C. Labour Minister Harry Bains in the B.C. legislature, May 13, 2019. (Hansard TV)
VIDEO: B.C. to provide 3 days of sick pay for COVID-19 absences

Province will support employers on cost, labour minister says

In this Monday, March 15, 2021 file photo a vial of AstraZeneca vaccine is pictured in a pharmacy in Boulogne Billancourt, outside Paris. Questions remained Wednesday about the future of the Oxford-AstraZeneca vaccine in Canada, as Manitoba limited use of the shot and Ontario announced it planned to save an incoming shipment to use as second doses. THE CANADIAN PRESS/AP/Christophe Ena, File
Questions remain about the future of the Oxford-AstraZeneca shot in Canada

More than two million Canadians have received AstraZeneca and 17 have been confirmed to have VITT

A Mountie issued B.C. RCMP’s first ticket for non-essential travel May 1. (Black Press Media files)
Driver ticketed, told to ‘return to Lower Mainland immediately’ by Vancouver Island police

The motorist was originally pulled over for driving-related offences May 1

Children walk back to their classroom while wearing masks and physical distancing at St. Barnabas Catholic School in Scarborough, Ont., in October, 2020. A group of B.C. teachers has issued an open letter calling for the relaxation of non-pharmaceutical interventions for children in B.C. schools. (Nathan Denette/The Canadian Press)
Group of B.C. teachers calls for easing of pandemic measures for students

Teacher group says ‘response to COVID is out of balance to the cost our youth are paying’

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Adam Hamdan has been living in Christina Lake since November 2020. Photo: Laurie Tritschler
Man acquitted on terrorist charges given temporary residence in Canada

Adam Hamdan had been facing deportation to Jordan, where he holds citizenship through his Palestinian parents

Lumber is shown in the back of a van in this recent image provided by the Saskatoon Police Service. The skyrocketing prices for lumber is fuelling a trend that has authorities across the country warning builders to keep their guard up. THE CANADIAN PRESS/HO-Saskatoon Police Service-Const. Derek Chesney *MANDATORY CREDIT*
‘It is a gold mine:’ Builders warned of rising lumber thefts across Canada

Many North American mills curtailed production temporarily earlier in 2020 because of COVID lockdowns

Vernon North Okanagan RCMP officers helped return Chocnut, a stolen Pomeranian, to his family on Tuesday, May 11, 2021. (RCMP photo)
Vernon police track down dog thief, return Pomeranian to owners

‘People often ask what the best part of being a police officer is. Well, this is it, helping people’

Most Read