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 CIBC Private Wealth, Wood Gundy  CIBC Private Wealth, Wood Gundy

Pharus Wealth Advisory Group

  • Home
  • About Us
    • Our Story
    • Our Difference
    • Meet the Team
  • Wealth Management Services
    • Integrated Wealth Management
    • Investment Management
    • Financial Planning
    • Specialized Services
  • Our Clients
    • Near-or-In Retirement
    • Medical Professionals
    • Dental Professionals
    • Incorporated Professionals
    • Business Owners
  • Pharus Library
    • Pharus Resources
    • Market Insights
  • Contact us

Near-or-In Retirement

Address 1623 Avenue Road Toronto ON, M5M 3X8
Telephone Number (416) 861-2460
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Near-or-In Retirement

Embracing Retirement: Understanding the Financial Challenges Ahead

Retirement is a milestone that brings with it a profound shift in both lifestyle and financial management. At Pharus Wealth Advisory Group, we recognize the complexities this transition entails and are committed to guiding you through each one. Here’s a closer look at the challenges you may face as you step into this new chapter of life.

 

The Emotional Impact of a Shrinking Nest Egg

For individuals who have spent a lifetime accumulating savings, the prospect of drawing down on those funds can be emotionally taxing. The absence of regular contributions that once signified financial growth now gives way to the necessity of careful distribution.

 

Lifestyle Goals Versus Financial Constraints

Dreaming of a serene retirement is natural, but aligning those dreams with the reality of your financial situation can be challenging. The balance between the retirement you’ve envisioned and what is financially feasible requires thoughtful planning and adjustment.

 

Navigating Retirement Income Streams

The intricacies of managing various income streams such as CPP, OAS, pensions, and personal savings can be overwhelming. Optimizing these for a steady and reliable cash flow is critical to maintaining your standard of living.

 

Preparing for Longevity and Healthcare Costs

Longer life expectancies bring the challenge of ensuring that your finances can support not only a longer retirement but also the potential for increased healthcare expenses.

 

Real Estate Decisions in Retirement

The role of real estate in retirement planning is pivotal. Whether it involves leveraging home equity, downsizing, or relocating, each decision requires a strategic approach to ensure it supports your overall financial goals.

 

Supporting Family Without Compromising Retirement

Determining the level of financial support for children or aging parents is a delicate balance. It’s essential to measure the impact of such support on your retirement plans to avoid jeopardizing your financial security.

 

Finding Purpose and Joy in Retirement

Concerns about how to fill your days post-retirement are common. Ensuring you have the financial means to pursue hobbies, travel, or other interests is an integral part of retirement planning.

 

Emergency Fund Strategies

Establishing the size of an emergency fund is crucial. It must be sufficient to cover unexpected costs without being so large that it hinders other investment opportunities.

 

Coping with the Loss of a Partner

The loss of a partner not only brings emotional grief but also significant financial changes. Adjusting to a single income and revising living arrangements are challenges that need to be addressed with sensitivity and care.

 

Legacy and Estate Planning

Decisions regarding vacation properties and other assets are not just financial but also emotional. Keeping such properties within the family and managing them as part of your legacy requires careful estate planning.

 

At Pharus Wealth Advisory Group, we don’t just understand these challenges; we have the experience and partner with the right experts to help you navigate them. Our approach is rooted in empathy and a deep commitment to ensuring your retirement years are secure and rewarding. To learn more about how we can assist you in turning these challenges into a well-planned retirement journey, please connect with us.

 
 
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CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc.


CIBC Private Wealth services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.