Retiring in Uncertain Times

Hello everyone, and welcome to the Retiring Canada Podcast!

In today’s episode, we’re diving into the challenges of retiring during uncertain times.

Specifically, we’ll cover:

The do’s and don’ts of retiring in uncertain times
Time-tested critical planning questions to ask when reviewing your retirement plan
The value of a second opinion
A retirement resource library at your disposal
A special thank-you to those who have helped me reach Episode 50
Lastly, a few action items for you to consider

Navigating Uncertainty in Retirement

Uncertainty is an unavoidable part of life. While we can take steps to mitigate risks and prepare for challenges, we can never eliminate uncertainty completely.

In our daily lives, uncertainty can lead to stress, as the fear of the unknown seeps into our minds, raising doubts about plans we once believed to be bulletproof. The reality is, the world often moves in ways we cannot control.

When it comes to your retirement, uncertainty can add another layer of stress—especially if you are within what I call the "fragile decade"—the critical five years before and after retirement. This is the period where economic uncertainty and market losses can have the greatest impact on your long-term financial security.

The choices—or lack of choices—you make during this time will significantly influence your comfort and financial stability for the next 30+ years of retirement.

Lessons for Any Economic Climate

When I originally wrote this episode, Canada and the U.S. were engaged in an aggressive tariff battle, and they likely still are. However, the lessons I’ll discuss today are timeless and can be applied to any so-called "unprecedented event."

My goal today is to equip you with the do’s and don’ts for navigating uncertainty and provide critical planning considerations to ensure you have a sustainable retirement income for life.

Focus on What’s in Your Control

No one can predict a global pandemic, a volatile trade war, or geopolitical conflicts. Trying to predict the unpredictable or control the uncontrollable leads to stress, frustration, and poor decision-making.

So what can we do?

Focus on what’s in your control—your mindset, your choices, and your financial decisions.

Here are some critical planning questions to ask yourself:

Am I mentally prepared for uncertainty?
Do I have a retirement plan that incorporates recessions, volatility, and bear markets?
Am I confident in my ability to adapt to changing conditions?
Have I created contingency plans for retiring early, retiring later, or transitioning into a phased retirement?
Have I discussed my goals, worries, and contingency plans with my spouse or partner?

Protect Your Retirement Cash Flow

Your retirement lifestyle depends on your income strategy. Navigating volatile and uncertain times is about having enough cash on hand while still allowing your investments to grow for the future.

Ask yourself:

Do I have enough cash or secure holdings to avoid drawing from a portfolio that has lost value?
Do I have enough guaranteed income?
Have I optimized my CPP & OAS strategy to maximize my government-backed income?
Is my income flexible enough to adapt to market volatility?
Have I tested different portfolio scenarios to determine how much is “safe” to withdraw from my investments?
Am I aware of advanced income strategies that could help shield me from market downturns?

Having a solid income strategy is crucial. This leads us to another key component of retiring in uncertain times—

Revisiting Your Investments

Investing for retirement is not a “set it and forget it” strategy. While you may have core holdings forming the foundation of your portfolio, you must continuously evaluate risks, opportunities, and how your investment strategy integrates with your income and tax plan.

Ask yourself:

Is my investment strategy up to date and aligned with my risk tolerance?
Am I still on track for the retirement I envision?
Am I positioned to take advantage of the opportunities volatility can provide?
Am I protected against "sequence-of-return" risk and the dangers of withdrawing too much from a declining portfolio?
Is my portfolio properly adjusted for my age, goals, and investment style?
Are there advanced strategies I should consider to help mitigate volatility?

The Don’ts of Retiring in Uncertainty

1. Don’t Give Into Fear

Uncertainty can be intimidating, especially when navigating one of life’s biggest transitions. Making emotional decisions out of fear can be damaging—not just to your investments, but to your entire retirement plan.

Critical questions to ask:

Am I checking my investment balances too frequently?
Do I have a clear, rational decision-making strategy for my finances?
Am I chasing trends and taking on too much risk?
Am I making fear-based decisions, such as selling to cash or moving everything to gold?
Am I taking on too little risk, potentially limiting my future growth?

As an advisor, I have helped many clients avoid emotional decisions that could have been disastrous for their long-term retirement success. Helping people stay the course is one of the most valuable roles an advisor can play.

2. Don’t Put Off Critical Decisions

Sometimes, in times of uncertainty, it feels safer to do nothing. But inaction can be just as dangerous if it leaves you vulnerable.

Ask yourself:

Am I 100% confident that my retirement strategy can withstand challenging conditions?
Do I know what steps I should be taking to help protect my financial future?
Am I confident in the advice I’m receiving, or should I get a second opinion?

Embracing Uncertainty with Confidence

Uncertainty is not necessarily a bad thing—it reinforces the importance of our values and gives us confidence in the decisions we’ve made.

The best way to conquer uncertainty is to have a thoughtful retirement plan.

Having worked with hundreds of investors over the past 15 years, I’ve seen firsthand how managing risk and having a plan leads to a better quality of life in retirement. Instead of trying to predict the future, we create a plan, adapt as needed, and build a solution you can stick with for life.

Because over the course of a 30+ year retirement, it’s not a question of if uncertainty will arise—it’s when.

And when it does, what’s your plan?

Action Items for Today’s Episode

Download your free copy of my Retiring in Uncertain Times guidebook in the episode description. It’s a great summary of today’s discussion.
For more in-depth resources, visit our growing library at fundamentalwealth.ca.
Follow us on social media—LinkedIn, Facebook, and more.
If you enjoyed the show, please subscribe and leave a 5-star review on your favorite podcast app.
Sign up for my weekly Retiring Canada newsletter.

A Special Thank You

As I reach this milestone of 50 episodes, I want to sincerely thank all of you who have shared this podcast with friends, family, and colleagues. It has been incredibly rewarding, both personally and professionally, to share my knowledge and help Canadians prepare for a secure retirement.

A special thanks to:

My wife and two boys—you are my motivation in everything I do.
My committed team: Charlene, Carmen, and Judie. Your dedication is invaluable.
My sister-in-law, Christine, who plays a key role in podcast production, e-books, newsletters, and more.
My business partners: Richard, Theresa, and Jonathon. It’s been a joy to build a meaningful business and culture together.

When it comes to your retirement—don’t take chances.

Make a plan so YOU can retire with confidence.

Thanks for tuning in, and I’ll see you in the next episode!

All comments are of a general nature and should not be relied upon as individual advice. The views and opinions expressed in this commentary may not necessarily reflect those of Harbourfront Wealth Management. While every attempt is made to ensure accuracy, facts and figures are not guaranteed, the content is not intended to be a substitute for professional investing or tax advice. Please seek advice from your accountant regarding anything raised in the content of the podcast regarding your Individual tax situation. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.