Imagine sitting in the cockpit of a high-speed jet.

The dashboard is a maze of switches and dials—each one critical to keeping you on course. In many ways, retirement planning is no different. Each decision is a lever you pull to stay financially secure, from optimizing your RRSP to timing CPP and tax strategies. However, to navigate safely, you need a clear plan for how to handle each step.

As you approach retirement, there are three main options for managing your finances. Which option you choose will shape your retirement journey and help keep you on track toward your goals.

Option 1: Flying Solo—Handling Your Own Retirement

Flying solo gives you complete control over your retirement. Many people like this DIY approach because it lets them make their own choices and stay fully engaged in their finances.

However, consider two key factors before you decide:

• Time Commitment: Managing your own finances requires a big time investment. You’ll need to stay updated on financial trends, tax changes, and investment options. Ask yourself if this is how you want to spend your retirement.
• Contingency Planning: If something unexpected happens, will your spouse or loved ones know how to step in? DIY retirement planning could leave them unprepared, making this approach riskier in some cases.

While going solo may sound appealing, remember that it comes with a need for deep financial knowledge and time management. Otherwise, you might consider getting a little extra help.

Option 2: Hiring a Co-Pilot—Finding a Generalist Financial Advisor

The next option is to bring in a co-pilot, also known as a general financial advisor. They can help you manage the basics of your retirement, from asset allocation to basic tax planning.

Yet, it’s important to choose the right co-pilot. Not all advisors have the same expertise or focus. Here’s what to consider:

• Advisor Type: Some advisors only handle investments, while others take a broader approach to financial planning.
• Experience: Look for someone who has experience with retirees like you. A good co-pilot will understand retirement income, tax planning, and when to adjust your strategy.

This approach allows you to manage retirement with a steady partner by your side. But, as you’ll see next, there’s an even more targeted option.

Option 3: Choosing a Specialized Advisor—Navigating Unique Retirement Challenges

When you have specific retirement needs, working with a specialized advisor can be a game-changer. Specialized advisors offer expertise in areas like retirement tax planning, cross-border income management, and complex investment strategies.

Here are some cases where a specialized advisor shines:

• Tax Management: If you expect to pay high taxes in retirement, a specialized advisor can develop strategies to reduce your tax burden.
• Cross-Border Issues: Planning to spend part of the year abroad? An advisor who understands international tax laws can help you navigate these challenges smoothly.

Ultimately, a specialized advisor understands the unique obstacles retirees face. They’re better equipped to guide you through financial turbulence and keep you on course.

Final Thoughts: Choosing Your Retirement Co-Pilot

Now that you know your options, it’s time to make a choice. You can go it alone, relying on your own knowledge and control. Or, you might hire a co-pilot to help guide your journey. Better yet, if you have unique needs, consider a specialized advisor who has deep experience with cases like yours.

Your retirement journey is yours to control, but you don’t have to do it alone. If you’re ready to explore options, explore our approach to retirement, investment and tax planning in retirement: Our Process