The COVID pandemic has upended everyday life and changed our view of the future. Many Canadians have also experienced some degree of financial upheaval, either through a job loss, thwarted business plans, or even time off work due to illness.

For those nearing retirement, pandemic-related financial disruption can pose a lot of challenges. Let’s look at steps you can take to ensure you’re still on track to have enough during retirement.

Many Canadians are worried about the impact of COVID on retirement planning


First, know that if you’re retired or close to retiring and are concerned about how COVID will impact your future finances, you’re not alone. A CIBC survey conducted in late 2020 found that 40 percent of respondents worry about how the pandemic will affect their retirement and savings plans. Twenty-three percent have been unable to contribute to their retirement nest egg since the COVID crisis began.

What should you do if your retirement plan has been impacted?


Income changes, being forced to retire early, shifting priorities — few adults went through the past year without having to adjust their finances one way or another. Maybe you’ve had to take money from your retirement savings during COVID. Or, perhaps you’ve saved less than you wanted to.

Whatever your scenario, there’s always a way to improve your financial prospects and move closer to your goals. Here are options pre-retirees and retired adults impacted by COVID can consider.


  • How can you spend less? Look at ways to reduce spending yet still enjoy your golden years. For example, going on holiday closer to home to cut back on travel costs or downsizing to reduce living expenses.

  • Would it make sense to work longer? While that may not have been your original plan, putting off retirement for a few extra months or even a year can help you build up your nest egg — and give you more confidence.

  • Should you take CPP early instead of waiting until you turn 65? Depending on your financial situation, this may help you cover household expenses comfortably in your early 60s. It may also allow you to hold off on withdrawing from your investments for longer.

  • Is your investment portfolio set up to serve your post-COVID retirement goals? Rebalancing and revisiting your portfolio's asset mix to ensure it's appropriate for your risk tolerance and time horizon can help you financially adjust to new goals.

Chances are, your plans have changed. Discuss your revised retirement plan with an independent financial advisor to ensure you’re making decisions that serve your long-term goals.

Are you on track to meet your financial goals?

We’re happy to help you navigate whatever financial roadblocks you’re facing. Reach out today — let’s create a roadmap to a future you can look forward to.

© 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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