My list is probably not what you would expect from one of the most successful retirement planning coaches in Calgary. However, talking to many people about their retirement these are the most common excuses I hear for NOT planning smart for retirement.

Reason #10 “I’m too busy”
I can’t tell you how often I hear this excuse. So many people want to plan for a better retirement, but they don’t have the time. They think they’ll take care of it tomorrow or the day after that… and before they know it, several years have gone by. The best advice I can give you is to stop procrastinating and start planning today.

Reason #9 “It’s too soon”
I don’t know how this happened, but many people have adopted the notion that you don’t have to start planning for your retirement until you’re almost there. This is totally incorrect. The truth is, the sooner you start planning, the better chance you stand of having the kind of retirement you want. It’s never too soon. Some people start planning in their early twenties!

Reason #8 “”It’s too late”
If you’re already near or past your retirement eligibility date, you may think that whatever you’ve got is what you’re stuck with and it’s too late to do anything about it. Think again. If you’re unsure of what your options are, speak to a canadian financial planning professional. Even if you’ve already retired, it’s important to consider how you’re receiving income and how long it will last. It’s never too late to revise your income distribution strategy.

Reason #7 “I don’t need to”
I have heard this excuse many times and it always baffles me. Many people think that because they’ve been diligent about contributing to a saving account, they’re all set. While saving for retirement is good, you also need a plan for income distribution once you enter retirement. Are you certain that what you’re saving will be enough? Have you considered your distribution plan? What about taxes? What about inflation? And are you sure your money will be properly invested considering the financial chaos in the world today. There may be other, wealth management options for you and it may prove worthwhile to look into them.

Reason #6 “I don’t have enough money to get started”
This excuse seems marginal at first glance, but there is some truth behind it. You need to have money to save or invest money. But, unless your bills are exactly equal to or greater than your net income, you DO have enough to get started. Starting small is better than not starting at all, and if you plan well, you’ll eventually have more to work with.

Reason #5 “My finances are a mess”
This is all the more reason to seek out an advisor who can help you sort through and understand your assets. Perhaps you have more than one RRSP bought in a panic at the end of the season from a bank or several LIRAs from former employers that have not been rolled over, a couple of savings accounts, a trust from a deceased relative, some stocks your parents bought in your name when you were younger…. a circumstance like this can be confusing, but leaving it as it is won’t improve the situation. Consider speaking to a financial planner who can look at your complete financial picture, help you understand it, and help you develop a plan to make your “financial mess” work for you.

Reason #4 “The Government will take care of me”
The bottom line is this… there’s a chance Old Age Pension may not be available when you retire, and even if it is, it may not be enough to provide your ideal retirement income. If you’re planning to retire on Old Age Pension alone, I would advise you to create a back-up plan at the very least.

Reason#3 “Between my savings and my RRSP, I’ll be fine”
Saving for retirement without an income distribution plan can be a mistake. How will you use that money once you have it? And while you may think you have everything you’re going to need, have you considered inflation? Taxes? I have specialized in tax planning since 1998 and more than once called the CRA’s Anti-Christ. And furthermore, some people are living past 90. Will you assets live that long? The Grandmother of a friend is in this predicament. Her annuity ran out at age 90 and now she is in dire financial straits with health issues and no money to support her medical needs. If you are like my friend’s grandmother and outlive your income, what then? I have the answer for you.

Reason#2 “I don’t what to think about it”
Many people procrastinate simply because the thought of discussing financial matters (or growing old) is unappealing. I can certainly understand that. But consider this … if you bite the bullet now and put a firm plan in motion, you may not have to think about it again for quite some time, (particularly if we put some of the guaranteed return products in place).

Reason #1 “I don’t know how”
If you knew everything there was to know about financial planning, you’d probably be a financial advisor yourself. While it is possible to do everything on your own, that generally involves a great deal of research and a huge ongoing time commitment. If you’re putting off retirement planning because you don’t know how, consider speaking to a financial services professional in Calgary backed by a substantial research department who does.

NO OBLIGATION REVIEW:

• Review current portfolio performance and make any adjustments necessary to enhance returns
• Review current insurance policies and needs and update accordingly
• Review current debts and look to consolidate and reduce interest rates
• Review current retirement plan and goals. If they don’t match then we look at ways to get you closer to your goals while providing some guarantees on your retirement cash flow.

Author Resource: Author Resource: Seann Poli is the principal of Your Financial Rescue.com and an Agency Manager of National Best Financial Network. He is married to Karen and is the father of two sons ages 13 and 11. He is an Officer of the Gleichen Lodge of the Freemasons and is spearheading a provincial campaign together with the Canadian Blood Services for blood donors and volunteers at their clinics. He volunteers as the Treasurer of the Royal Canadian Air Cadet Squadron that older his son trains in. Karen is an Occupational Therapist specializing in hand therapy at the Children’s Hospital in Calgary. Jacob (Jake) Poli claims he will be able to fly before he gets his driver’s license. For many years Nikolas (Nik) Poli could not make up his mind whether he wanted to be a cake decorator or a geologist. Only this year he managed to solve his problem of conflicting interests. He plans to be a geologist and have cake decorating as his hobby. Not to be out done in the community service efforts is their beautiful Golden Doodle Bailey. As a member of PALS she volunteers as a hospital visitor to bring kisses and joy to the