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Pre Retirement

Age 45-60

As you progress in your career and your finances begin to stabilize, the horizon starts to shift. The pressure of covering day-to-day expenses has eased, and with more clarity comes a new set of questions about the future.

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Perhaps you're wondering how to balance saving for your child's education while supporting aging parents. Maybe your family is facing changes like a potential career transition, rising activity costs for your children, or unexpected caregiving responsibilities. This stage of life often brings competing priorities—and it can feel like you're being pulled in multiple directions.

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You're Not Alone.

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This is a common and important phase—one where thoughtful planning makes all the difference. A financial advisor can help bring structure to the chaos by identifying your most pressing goals and building a strategy that supports your lifestyle today while preparing for tomorrow.

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Whether it’s:

  • Reviewing your retirement plan

  • Adjusting your investment strategy

  • Exploring refinancing or debt consolidation

  • Creating a tax-efficient savings approach

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—there are opportunities to make your money work smarter.

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A Partner in Your Planning

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During times of uncertainty, it can be difficult to see the full picture. That’s where a trusted advisor comes in—someone who brings objectivity, experience, and creativity to help you navigate complex decisions with confidence.

With the right guidance, your pre-retirement years can be a time of clarity, progress, and possibility.

Financial Priorities for Canadians Aged 45-60: Planning for the Future

As you approach the later stages of your career and begin thinking about retirement, your financial priorities shift. It’s the perfect time to focus on securing your financial future, managing your current responsibilities, and ensuring a comfortable retirement. Here are the major financial priorities to consider between the ages of 45 and 60:

1. Maximizing Retirement Savings

  • RRSP & TFSA Contributions
    Take advantage of increased RRSP contribution room and continue contributing to your TFSA for tax-free growth. These accounts play a critical role in building your retirement savings and minimizing taxes.

  • Pension Plans
    If you have access to a workplace pension, ensure you're maximizing contributions to take full advantage of employer matches or any additional voluntary options.

2. Paying Down Debt

  • Mortgage Reduction
    As retirement nears, it's important to reduce or eliminate your mortgage. Consider refinancing options or strategies to pay down your mortgage faster and create a more manageable debt load.

  • Eliminating Consumer Debt
    Pay off high-interest debt, such as credit card balances or personal loans, to relieve financial stress and ensure more income is available for savings and retirement.

3. Preparing for Healthcare Costs

  • Health & Long-Term Care
    As you age, healthcare expenses increase. It’s crucial to plan for potential costs that aren't covered by public insurance, such as private health services or long-term care needs.

4. Supporting Your Family

  • Education & Housing Assistance
    Many in this age group are still supporting their children’s education or helping with home purchases. Planning for these costs ensures that your children have the support they need without derailing your own financial goals.

  • Grandchildren
    Some may also consider helping fund their grandchildren’s education or contribute to their overall well-being, so planning for intergenerational support is key.

5. Estate Planning & Will Updates

  • Review Your Estate Plan
    Now is the time to ensure your estate plan is in order. Update your will, powers of attorney, and healthcare directives, ensuring your assets are distributed as you intend.

  • Minimize Estate Taxes
    Work with a financial advisor to develop strategies that minimize the tax impact on your estate, including charitable donations or using tax-efficient investment accounts.

6. Transitioning to Retirement

  • Retirement Income Strategy
    Planning how to generate income from your retirement savings is crucial. Consider how to turn your RRSPs, TFSAs, and other assets into steady income streams, whether through RRIFs, annuities, or dividend-producing investments.

  • Part-Time Work or Consulting
    Some people choose to ease into retirement by continuing to work part-time or taking on consulting opportunities, providing additional income and a sense of purpose.

7. Protecting Your Legacy

  • Life Insurance
    Ensure your life insurance policy is up-to-date, covering any remaining debt and providing for your loved ones in the event of your passing.

  • Charitable Giving
    If leaving a charitable legacy is important to you, explore options that allow you to give back while also receiving potential tax benefits. Incorporating charitable giving into your financial plan can help align your wealth with your values.

8. Adjusting to Lifestyle Changes

  • Downsizing
    Consider downsizing your home or relocating to a more affordable area. This can reduce living expenses and free up resources that can be directed toward retirement savings or other goals.

  • Review Your Spending
    This is the perfect time to review your spending habits. By adjusting discretionary expenses, such as travel or entertainment, you can better allocate funds to secure your financial future.

9. Tax-Efficient Withdrawals

  • Optimizing Tax Withdrawals
    As you begin to withdraw from your retirement savings, focus on tax-efficient strategies. Whether it’s drawing from TFSAs first or deferring RRSP withdrawals, planning ahead can help minimize taxes and maximize your retirement income.

 

Financial and Tax Planning

Financial planning helps you make informed decisions about your money, so you can reach your goals with confidence. Whether you're saving for a home, planning for retirement, or just trying to make smarter financial choices, a well-structured plan gives you clarity and direction.

 

Investment Planning

Investment planning helps you grow and protect your wealth by aligning your investments with your goals, timeline, and risk comfort. Whether you're saving for a home, retirement, or future milestones, a personalized investment strategy ensures your money is working for you in a smart, tax-efficient way.

 

Debt Planning

Managing debt is a key part of building a healthy financial future. A well-structured financial plan includes strategies to reduce high-interest debt, optimize repayment schedules, and free up cash flow for savings and other priorities. Whether you're juggling student loans, a mortgage, or credit cards, personalized debt planning can help you stay in control and make steady progress toward your goals.

 

Risk Planning

Risk management planning helps identify, assess, and mitigate potential financial threats. By understanding your unique risks—whether personal, business, or health-related—you can implement strategies to protect assets, reduce liabilities, and ensure stability. Through careful analysis and tailored solutions, we help you navigate uncertainty with confidence, safeguarding your financial future.

 

Legacy Planning

Legacy planning helps you shape the future by organizing your estate, supporting loved ones, and making meaningful contributions to causes you care about. It’s about more than money — it’s about passing on values, ensuring your wishes are honored, and creating lasting impact for generations to come.

 

Education Planning

Post-secondary education can be one of the biggest expenses families face—but with early planning, it doesn’t have to be a burden. Integrating education savings into your overall financial strategy can help ensure your children have the resources they need when the time comes. From RESPs to flexible savings options, we’ll help you build a plan that supports their ambitions without compromising your financial goals

Primary Disclaimer

The information contained herein is for Alberta residents only and does not constitute an offer to sell or solicit sales in any other Canadian or Foreign Jurisdictions.

Mutual Funds are available through Global Maxfin Investments Inc. Insurance Products including but not limited to” Segregated funds, HISA, Insurance GIC’s, Life, Disability, and Critical Illness Available through Global Insurance Solutions Inc.

This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional advisors for advice based on your specific circumstances.

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Global Maxfin Investments Inc. is registered as a Mutual Fund Dealer with the Provincial Securities Commissions and as such our Associates are entitled to sell mutual funds and other approved securities as permitted under our registration. They may also be able to provide other services or products to you through their own business. As a member of the Mutual Fund Dealers Association of Canada ( MFDA) Global Maxfin Investments Inc. is obligated to disclose to you that you may be dealing with companies other than Global Maxfin Investments Inc. When purchasing services or products from your Associate ( remuneration to your Associate may also come from various sources depending on the services or products purchased). For example, your Associate may offer any one or more of the following through a separate business, which would not be the responsibility of Global Maxfin Investments Inc.:

• Deposit Instruments: High Invest Savings Accounts and GICs;

• Financial planning services—including Fee-for service financial planning;

• Estate Planning;

• Tax Planning or Income Tax Preparation;

• Insurance: Life, Accident, Sickness, Disability, General.

Please be sure that you have a clear understanding of which company you are dealing with for each of your services and products. Your Associate would be happy to provide any clarification you require.

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Subject to any applicable death and maturity guarantee, and part of the premium or other amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value according to fluctuations in the market value of the assets in the segregated fund.

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All products and services recommended through Northern Asset Management are through the appropriate licensing bodies. Derek Schaefer as a multi licensed individual through MFDA and the Alberta Insurance Council presenting mutual fund and insurance related products.

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