Retirement is exciting to think about. After decades of work, the idea of having more control over your time… that’s something people look forward to, right? Many spend their working lives waiting until the day they retire – so if that’s you, you aren’t alone.

No matter how you imagine spending your retirement – traveling, spending more time with your family, or just enjoying a slower pace of life – it is a rewarding stage of life. But before you take the leap, there are a few important things worth putting in place.

A little bit of preparation now makes the years ahead much less stressful.

Create a Retirement Budget

You’ll have spent years earning a salary. One of the biggest changes you’ll go through after retiring is relying on savings and retirement income. Because of this, you must have a clear picture of your finances. That’s essential.

Even more so as Canadians now believe they require $1.7 million to retire. This is an increase from $1.54 million in 2025. So yes, having a budget is a must.

Begin with an estimate of what your monthly income will be. This might include pensions, investment income, retirement savings, or government benefits. Once you know what is coming in on a monthly basis, take a look at what typically goes out.

Many expenses will stay the same. Living expenses – groceries, mortgage or rent, utilities, and the like – don’t disappear when you stop working. At the same time, retirement also brings new spending. You might be one of the many retirees who travel more, take up new hobbies, or spend more time dining out.

Put everything on paper. This helps you understand whether your income comfortably supports your lifestyle. It’ll be easier to make adjustments before you retire if you notice a gap. 

Some people do find it helpful to speak with financial professionals who focus primarily on retirement planning. Firms – like Aleph Retirement Planners – work with individuals who want a long-term plan. Such forward planning helps manage income and expenses after leaving the workforce.

Plan for Long-Term Care

Another important part of retirement planning? Health. Most people hope to stay active and independent as they age, but it’s wise to consider what might happen if extra care is needed.

You might think it silly to consider this now. It isn’t. You need to be prepared, especially when there are numerous options. Long-term care takes different forms. Some people need occasional help at home, while others may eventually require assisted living. Depending on where you live, these services could be costly.

Think about these possibilities early. This gives you more options. You might explore long-term care insurance. Others might choose to set aside a portion of their savings specifically for future care needs.

Speak with family members, too. Discuss their preferences, if they have any. Sure, these conversations likely won’t be easy, but they do prevent confusion later on. Your wishes will be understood and followed.

Update Your Will and Power of Attorney

Retirement is a good time to review legal documents as well. There’s a chance your circumstances will have changed since you first created a will, particularly if you made it many years ago.

Maybe you’ve welcomed grandchildren. Perhaps you’ve purchased property. You might have experienced another major life change. Updating your will ensures your assets are distributed the way you intend.

Equally important is a power of attorney. This document allows someone you trust to handle financial or medical decisions on your behalf if you’re unable to do so. Again, you might not think this is necessary – but it might be. Without it, loved ones may need to go through complex legal processes just to step in and help you.

Review these documents periodically. Doing so keeps everything up to date and avoids unnecessary problems later.

To conclude, retirement is a life transition. A major one. It doesn’t need to overwhelm you, though. If you want to approach this next chapter with confidence, then you need to consider the above steps. 
This way, retirement becomes a time to enjoy everything you’ve worked hard for.

For the Silo, Jarrod Barker.