How to Make Retirement Income Last Longer

(NC) While most older Canadians say that their finances haven’t been significantly impacted by the COVID-19 pandemic, it has led to them re-evaluate how they spend, save and invest their money.

A recent survey found that in 2020, those between the ages of 55 to 75 were more likely to spend their money in meaningful ways, such as by providing financial support to family and friends who have been negatively affected by the pandemic, and increasing commitments to a family legacy or charitable giving.

This age group has been able to accumulate more savings due to spending less on leisure activities over the last year, and this is especially true if they were using a financial planner. But during this uncertain time, many have also taken proactive measures to safeguard their finances through their retirement years.

Nearly a third have taken the opportunity to stress-test their retirement needs, while others are looking to new investment strategies to help their money last longer, including adjusting their portfolios and risk tolerance, or exploring safer investment options that?can guarantee income.

"As Canadians approach retirement, financial needs and goals begin to change, impacting the way we spend and how we invest our savings," explains Selene Soo, director of wealth insurance at RBC Insurance. "Speaking with a professional like a financial planner or insurance advisor helps ensure they can provide financial support or increase their legacy while still having enough income to last over the years."

In addition to keeping would-be retirees on track with spending and savings goals, advisors can provide access to products that help protect, grow and preserve saved money. For example, segregated funds include guarantees and several advantages that mutual funds don’t, such as estate-planning benefits, while annuities provide a predictable income stream for as long as the holder lives, regardless of whether financial markets rise or fall.

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