Common Retirement Regrets and Proactive Moves to Consider
Think About the Timing of Your Benefits
Be Intentional With CPP and OAS
Many Canadians start CPP as soon as they’re eligible at 60, often out of habit, uncertainty, or fear that the program might change. What’s often missed is that starting early permanently reduces your monthly benefit.
On the flip side, delaying CPP (up to age 70) can meaningfully increase your income for life. For some households, that extra guaranteed income later on can make retirement feel far less stressful.
Delaying isn’t right for everyone. Health, cash flow, work plans, and family circumstances all matter. That’s why it’s important to look at CPP and OAS as part of a bigger picture, not a standalone decision. A thoughtful strategy today can have a lasting impact on your retirement income.
Managing Debt Before Retirement
Put Your Debt on a Timeline
Carrying debt into retirement can quietly limit your options. Mortgage payments, credit cards, or car loans mean more income spoken for and less flexibility when life changes.
If you still have balances outstanding, now may be a good time to create a clear payoff plan. Pick a target date. Set up automatic extra payments where possible. Every balance you eliminate can reduce pressure later and free up choices.
For many people, a retirement with fewer financial obligations simply feels better.
Planning for Long-Term Care
Make Long-Term Care a Conscious Decision
Canada’s healthcare system is a huge advantage, but it doesn’t cover everything. Extended care, home support, and long-term care facilities often come with significant out-of-pocket costs.
Just as important, many families haven’t clearly documented who will make medical or financial decisions if they can’t. When something unexpected happens, loved ones may be left guessing instead of confidently following a plan.
Thinking ahead about long-term care, powers of attorney, and funding options can help protect your finances and reduce stress for your family when it matters most.
Keeping Your Work Options Open
Optionality Has Value
Not everyone wants to work longer, but many retirees wish they had kept the option open.
Working a few extra years, consulting, or shifting to part-time can stretch savings, delay withdrawals, and ease the transition into retirement. Think of it as giving yourself more flexibility, not delaying retirement forever.
This approach isn’t for everyone. Health, lifestyle goals, and personal priorities all matter. The key is having options, rather than being forced into a decision.
Your Career Path Still Matters
Stay Engaged, Even Late in the Game
Some people leave the workforce earlier than expected, not because they planned to, but because opportunities dried up.
Staying connected, keeping skills current, and maintaining your network can help protect against an unexpected career shift. Even later in your working years, small efforts to stay engaged can preserve flexibility and confidence.
A little proactive planning today can reduce unpleasant surprises tomorrow.
Retirement Isn’t Just About the Numbers
Don’t Miss the Moments
Some regrets never show up on a spreadsheet.
They show up in trips that never happened. Time with family that was postponed. Experiences that were always planned “for later.”
Health changes. Priorities shift. That’s why a good plan doesn’t just protect the future, it also allows you to enjoy life along the way.
Money is a tool. Used well, it can create both security and memories.
The Value of Professional Guidance
Fewer Surprises, Better Decisions
Even people who planned carefully often say they underestimated something whether it's taxes, withdrawal timing, survivor benefits, or how different income sources interact.
These details matter. Over time, small decisions can have a meaningful impact on how long your money lasts and how confident you feel using it.
Working with a financial advisor can help bring these pieces together and reduce the chance of costly surprises later.
Bringing It All Together
What decision would future you thank present you for?
Retirement planning isn’t about getting everything perfect. It’s about making steady, intentional progress.
Automate savings. Revisit your CPP timing. Talk through long-term care. Pick one place to start and build from there.
A few thoughtful decisions today can lead to more freedom, fewer regrets, and a retirement that truly reflects your values.
If you’d like to talk through your retirement questions, I’m always happy to help you explore your options and build a strategy that fits your life.