Ep 151 - Planning Once Isn’t Planning: Why Retirement Requires Ongoing Strategy
In this episode of Your Retirement Planning Simplified, Joe Curry debunks the myth of the “set-it-and-forget-it” financial plan, emphasizing the power of dynamic, ongoing retirement planning. Learn why static retirement strategies fall short and how regularly updated financial plans - that incorporate real-time tax optimization, portfolio adjustments, and shifting life goals - can empower you to retire with confidence and clarity.
Key Takeaways
1. A One-Time Financial Plan Is Not Enough - A financial plan becomes outdated almost immediately due to changing assumptions, such as inflation, market performance, health events, or life goals. Treating a plan as a static document is a major pitfall—real planning is a continuous process, not a one-time event.
2. Life is Non-Linear—and So Is Retirement - Unexpected life changes—such as health issues, family dynamics, early retirement packages, or shifting lifestyle goals—can significantly impact your retirement path. Your plan must adapt to these changes to remain relevant and useful for you.
3. Milestone Decisions Require Ongoing Reassessment - Critical retirement decisions (for example, when to take CPP/OAS, convert RRSPs, or change withdrawal strategies) depend on current personal, market, and tax conditions—not outdated projections. Regular reviews ensure better-informed choices at the right times.
4. Yearly Tax Planning Can Save You Thousands - An overlooked benefit of having an ongoing financial plan is optimizing your tax situation annually. Strategies like early RRSP withdrawals, income smoothing, or tax-loss harvesting can be missed without a dynamic, forward-looking approach.
5. Your Portfolio Should Support Your Evolving Goals - Your investment strategy isn’t “set it and forget it.” It should align with your evolving goals, risk tolerance, and market conditions—while avoiding knee-jerk reactions. A properly managed portfolio adapts with you to maintain long-term success.
Ideas Worth Sharing
· "Your financial plan is wrong the day after it’s created—and that’s okay."
· "A real financial plan isn’t about prediction, it’s about preparation and course correction."
· "Markets don’t care about your binder; they care about your behavior."
· "Every year gives you a new tax window—if you’re not updating your plan, you're leaving money on the table."
· "Your portfolio is a tool to support your goals—not something you set and forget."
· "The best financial plans adjust when life does—because life never sticks to the script."
Resources
Purpose: For building or revisiting your financial plan with professional guidance.
Mentioned For: Inflation assumptions in financial planning (e.g., 2.1% used as a planning estimate).
Not directly linked in podcast, but cited as a standard source
S&P 500 Chart (Drawdown Data)
Purpose: To illustrate the importance of planning for market volatility.
Details: Not named specifically, but referred to as a long-term chart showing average intra-year drawdowns of ~14% since 1926.
Why Your Financial Plan Shouldn’t Be a One-Time Event
When most people think about retirement planning, they envision a thick binder filled with spreadsheets, projections, and assumptions—a “set-it-and-forget-it” financial plan. But the truth is, that kind of static document becomes outdated almost as soon as it’s created.
The reality? A successful retirement plan must be a living, breathing strategy that evolves with you.
A Financial Plan Is Just a Starting Point
From the moment your financial plan is printed, it’s already built on assumptions: projected inflation rates, average market returns, estimated retirement spending, life expectancy, and more. These variables are important, but they’re also guaranteed to change over time. Relying on a one-time financial plan is more of a guess than a guide—and that guess can cost you if it’s never revisited.
Life Isn’t Linear—Your Retirement Plan Shouldn’t Be Either
Life rarely unfolds exactly how we expect. Maybe your spouse gets sick, your kids move back home, or you're offered an early retirement package. Perhaps you discover you’d rather spend retirement at a lakeside cottage than jet-setting across the globe. Your lifestyle, goals, and circumstances change—and your retirement plan needs to adjust accordingly.
Dynamic Financial Planning Supports Better Decisions
A flexible financial plan helps you navigate key retirement milestones, such as:
When to take Canada Pension Plan (CPP) or Old Age Security (OAS)
How and when to convert your RRSPs to RRIFs
What withdrawal strategies minimize taxes
Whether to adjust risk exposure in your investment portfolio
These decisions can’t be made accurately based on old projections. They require real-time information and ongoing analysis to ensure you're making the smartest moves for your current situation.
Tax Optimization Is an Ongoing Opportunity
One of the most overlooked aspects of financial planning is year-by-year tax strategy. Every tax year presents new opportunities—and new risks. A dynamic plan helps identify low-tax brackets, harvest tax losses, or even strategically withdraw from retirement accounts early to save on future taxes. Without regular updates, you could be leaving significant money on the table.
Your Portfolio Isn’t a Set-It-and-Forget-It Tool
Markets are unpredictable. On average, the S&P 500 experiences a 14% intra-year drawdown—even in positive years. A rigid investment strategy can leave you exposed to unnecessary risk or missed opportunities. Your portfolio should align with your evolving retirement goals, not just a long-past planning session.
The Power of Professional Guidance
Working with a financial advisor who offers ongoing financial planning services ensures that your strategy stays relevant. This relationship allows for course corrections, strategic adjustments, and confidence during uncertain times. Planning isn’t about predicting the future—it’s about being prepared for it.
If it’s been years since you last updated your retirement plan—or if you’ve never had one that truly evolves with your life—it’s time for a change.
Visit matthewsandassociates.ca to learn more about how we help Canadians build financial plans that grow with them.
You can explore more free educational content here, at retirementplanningsimplified.ca.