Let’s make your money last as long as you do

Dear Money Lady Readers:

I have given over 60 talks across Canada so far this year and have found the most popular talk, called “How to Become a Super Senior & Make Your Money Last as Long as You Do,” tends to be a crowd pleaser. As you could expect, the one concern that kept surfacing again and again is that Canadians are genuinely worried about outliving their money. Eighty-seven per cent of Canadians today are retiring without a mortgage, and this is a great statistic; however, even with low-to-no debt, life is still expensive.

Canadians are living longer than ever, and retirement can easily stretch thirty or more years. That means the money you’ve worked so hard to save must be carefully managed to support you for decades. The challenge isn’t just saving enough; it’s more about knowing how to draw it down. For example, many people begin RRSP/RRIF withdrawals too early, pay unnecessary taxes, or don’t coordinate their CPP and OAS benefits with other sources of income. Others underestimate inflation and stock market volatility, which quietly erodes purchasing power year after year. Add in unexpected health expenses, modifications needed to your home to age in place, and of course the constant rising cost of living, and it’s no wonder retirement planning can feel overwhelming.

I often tell people that the key is to create a livable budget, one that is designed just as carefully as you once built your savings plan. That means mapping out how much you’ll need each year, what sources of income you’ll draw on first, and how to minimize the taxes you pay along the way. A thoughtful strategy can stretch your money significantly further and give you the peace of mind that you’ll be comfortable in the years ahead.

Of course, every situation is different, and that’s why talking it through can make all the difference. In fact, due to popular demand, I’ve recently re-started my Money Coaching sessions — private, one-on-one conversations where we focus entirely on your financial questions and your future. Whether it’s planning your retirement income, tackling debt, or figuring out the right time to downsize, these sessions are about clarity, not sales.

At the end of the day, managing your money in retirement isn’t just about numbers on a page — it’s about feeling confident in the choices you make. And sometimes, all it takes is the right conversation to help you get there.