Globe Advisor’s Best of 2024: Spotlight on retirement planning

There’s a lot more to retirement planning than ensuring clients have enough money. While most advisors are good at that part, clients are seeking help with new questions and challenges: combatting loneliness, deciding where to live, controlling taxes, and learning how to relax and enjoy their hard-earned savings.

Here are 10 Globe Advisor stories from the past year that address these themes:

Many Canadians underspend in retirement for no good reason. Here’s what they can do

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Clients save for decades to accumulate a nest egg. But once they retire, many resist spending, unnecessarily curtailing their retirement lifestyle, according to recent research. Fortunately, there are ways to help retirees loosen their purse strings.

The pros and cons of retired grandparents moving closer to their families

Many grandparents think about moving closer to their children and grandchildren, sometimes adopting newer real estate solutions such as laneway houses or tiny houses on their child’s property. While helping with young children can take a lot of stress off the parents and improve the family’s overall physical and mental health, older clients should also consider what they’re leaving behind.

How loneliness can get in the way of a happy retirement

When asked what they’ll do during retirement, many clients say they’ll “relax,” which is understandable after decades of employment. But advisors say problems can ensue when clients aren’t more specific about the form that relaxation will take. Too often, loneliness is affecting retirees who don’t have a concrete plan.

How snowbirds are adapting to increasing costs

Snowbirds preparing to wing their way south are facing headwinds this year. The recent period of high inflation and the low value of the Canadian dollar have made it more expensive to spend winter in the U.S. Meanwhile, travel insurance premiums rise as a snowbird gets older. Financial planning help is more important than ever.

Here’s how tax planning changes once you retire

For many working Canadians, filing taxes is relatively straightforward: You get a T4 slip from your employer, maybe make a deduction for contributing to your registered retirement savings plan, and claim the odd credit. However, your tax picture can get more complex in retirement, given the new and varied income sources. Here’s how to get more strategic in the decumulation stage.

Do Canadians’ saving goals match their ability to retire?

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Many Canadians over 50 years old say they can’t afford to retire at their desired time. Advisors have an increasingly critical role in helping clients look past daily challenges and deal with a daunting future. Here’s how they’re doing it.

Why DIY investors are turning to financial professionals as retirement approaches

Many do-it-yourself investors manage their finances just fine for decades but hit a wall in their 50s and 60s. Accumulating a portfolio is one thing, they find, but setting up retirement income is another. That creates an opportunity for advisors to court this cohort.

Moshe Milevsky shares retirement planning tips from the Enlightenment

What can the Scottish Enlightenment teach us about retirement income planning? For his latest book, Moshe Arye Milevsky researched how seniors supported themselves in old age before modern state and corporate pensions were implemented. Here’s what his research says about today’s strategies.

Online platform looks to help with non-financial side of retirement

In addition to having their finances in order, some clients may have health care questions or want help with downsizing, while others may have a hard time adapting psychologically to all the free time. Ryan Donovan, co-founder and chief executive officer of RetireMint, a free retirement planning platform, says his hub helps retirees find resources and professional help for some of those ancillary questions.

How snowbirds who nest in the U.S. can avoid tax-related complications

Every spring, thousands of Canadian snowbirds return home from warm, sunny places south of the border. However, many aren’t aware of the tax repercussions that may come with living abroad for part of the year. Here’s how advisors can manage that risk.