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As a financial planner, Warren MacKenzie applauds the efforts of his clients to save money for retirement. But he sees many struggling to spend the funds they so carefully put away once they’re retired.
Spending money can be difficult for many retirees, especially after decades of thrift. Managing in this so-called decumulation stage – especially amid rising inflation and a possible recession on the horizon – requires the same careful planning they used to create their nest egg.Hundreds of thousands of experienced workers are on the sidelines, even as a labour shortage tightens its grip on the Canadian economy.
They have no children “and are in the sweet spot of our respective careers,” Leo writes in an e-mail. He grosses $200,000 a year while she makes $125,000. Their existing townhouse is valued at $800,000 with a mortgage outstanding of $180,000 that they plan to pay off in four years. They have some savings but no work pensions. “Can we afford to upsize our house and still hit our retirement goals?” Leo asks.
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