“RRSP season” in Canada is the first 60 days of the calendar year when advisors focus on the tax-planning benefits of contributing to RRSPs. The deadline is nearly upon us and I would like to suggest that we pivot the conversation to “Retirement Readiness” – determining the factors that will help you assess when you can retire, how much you will be able to afford at that time and most importantly – your readiness to go from a steady paycheck to living off of accumulated wealth. Work – whether paid or unpaid – provides so us with much more than income. It provides us with vital social and emotional satisfaction as well as inspiring us to get up in the morning, be productive and aspire for our futures. This article debunks some of the retirement myths around spending, portfolio architecture, taxes (from the U.S. perspective, sorry!), insurance and estate planning. In other words; it perfectly describes the merit of financial planning.

Click here to read the full article on Morningstar