"What if I don’t have enough?" If you are concerned that you won’t have enough for your future,  then it may be time to make some tough choices and get creative. The good news is, there are a range of options to explore in order to ensure that you live comfortably in your golden years.

TIP #1 -  Reduce Expenses

This may seem obvious, but it is amazing how many people don’t know how much their expenses add up to. Luckily for you,  you have already categorized your expenses into three buckets. Is there anything in bucket 2 (discretionary fixed expenses) that you don’t need or use that often? What about bucket 3 (Leisure expenses)? Can you cut back on dining out or take one vacation a year instead of two?

TIP #2 -  Optimize Expenses

Yes, there are ways to spend better. A few of our top suggestions include:

  • Buy as much as possible on a credit card that earns points. Just make sure you are disciplined enough to pay the credit card off every month.

  • Negotiate your fixed expenses. Call your cable company and your cell phone provider to see if they can give you a better deal. It really works,  and we recommend making this an annual task.

  • Pay down expensive debt or move debt around so you are paying more favourable interest rates.

TIP #3 -  Effective Tax Planning

Changing your expense isn’t the only creative solution for financial planning. Understanding your taxes also plays a huge role.  Single women,  for example, are already at a disadvantage because they are unable to benefit from income splitting. To mitigate that reality, you should ensure the following:

  • Dividends and capital gains producing investments should be held in your non-registered account.

  • Any investments generating interest income should be in your registered accounts.

  • Tax-Free Savings Accounts should be maximized where possible.

  • To avoid future OAS clawback and minimize taxes in the future, it may be necessary to draw down on your RRSP/RRIF.

TIP #4 -  Relocating/Downsizing

This is a big one, especially if you’re a resident in a large metropolitan city. There is a good chance you are sitting on a property that has seen a significant amount of capital appreciation over the years.  Have you ever considered selling that property and moving a couple of hours east, west, or north where a similar home can be found for a fraction of the price? Perhaps downsizing is another option?

TIP #5 -  Get A Part-Time Job

Do something you enjoy that also pays a little to cover the bills. Just a small amount of additional income will go a long way to help ensure your money lasts.

TIP #6 -  Increase Investment Risk

This is one you should think about very carefully and only use as a last resort if all other options have been exhausted. With interest rates still at historical lows, does your portfolio have too much allocated to fixed income? Do you need to consider adding more stocks? Remember, you still have to sleep at night, so only do this if you fully understand the risks involved.


It is time to build a better financial future.


By working through the questions above, you should have a good idea of where you stand, and if you have enough money to comfortably retire.

As we have all experienced over the past few months, planning for the unknown is difficult, but also incredibly necessary. The COVID-19 pandemic has reminded us that not everything will go according to plan; we can’t anticipate every bump in the road. But we can better prepare ourselves for the unexpected so that we can thrive financially.

By planning, learning,  and adjusting goals,  there are always options and ways to financially overcome. Contact Family Wealth Advisor, Christopher Jardine at chris.jardine@bellvest.ca to learn how.


Ready to take control of your financial future?

Request a holistic assessment of your financial health from author of this post and Family Wealth Advisor, Christopher Jardine, CFP to get started today.

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© Bellwether Investment Management Inc. 2023. This communication is intended for residents of the provinces in which we are registered and is not meant to be a solicitation to any persons not resident in those provinces. Any opinions expressed in this article are just that, and are not guarantees of any future performance or returns. Some of the information contained in this article has been drawn from sources believed to be reliable but due to the fact that it is provided by a third party, it cannot be guaranteed to be accurate or complete. Bellwether Investment Management Inc., Bellwether Estate and Insurance Services Inc. and Bellwether Family Wealth cannot provide tax advice and therefore we recommend that you consult your tax advisor for further assistance with your tax planning and the preparation of your tax return. The report is prepared for general informational purposes only and the securities mentioned in this report should not be construed as a recommendation for any specific securities.

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