You Built Wealth But Now Build a Budget

Retirement is your reward but budgeting is your compass. 

Most pre-retirees and retirees feel uneasy about saving and spending. 

Why?

It’s because no one taught them what budgeting looks like. 

Even with a seven-figure portfolio, retirement without a spending plan can lead to:

• Overspending early

• Underspending out of fear

• Missed tax and income opportunities

• Friction with family (especially adult children)

At its core, budgeting is ultimately about clarity.

A proper plan designed around your vision of your future can give you a clear picture of:

• Seeing where you have flexibility for lifestyle upgrades

• Understanding what you can spend today and in the years ahead

• Adapting to life's curveballs whether that’s inflation, illness, or opportunity

And the worst plan?

Getting stuck in a one-size-fits-all financial plan that puts your life in a spreadsheet.

This is the “golden handcuffs” scenario where your portfolio looks good on paper, but your spending is restricted by generic formulas that don’t reflect your lifestyle.

A real personalized plan should do the opposite. It should give you:

• Leeway

• Flexibility

• Freedom

Because then you can say yes to those:

• Family vacations

• Home renovations

• Gifts to your grandkids 

And best of all, you’ll be living your version of retirement.

At More Than Money, we believe your budget should reflect who you are. 

That’s why for over 20 years, we’ve helped clients create customized retirement income strategies that adapt to their lifestyle and goals, not the other way around.

And here’s the proof: A CIRANO¹ study found that households working with a financial advisor for 15 years accumulated 2.3x more assets than those who didn’t.

Why?

Because a tailored plan gives you the confidence to make your own choices. 

Want to see what a purpose-driven retirement plan could look like for you?

Join us at our next in-person seminar by registering here:

https://www.morethanmoneyradio.com/

Source:

• Montmarquette, C. & Prud’homme, A. (2020). More on the Value of Financial Advisors. CIRANO – Scientific Publication 2020RP-04. Download the full report (PDF)

David Popowich and Faisal Karmali are Investment Advisors with CIBC Wood Gundy in Calgary. The views of David Popowich, Faisal Karmali, and any guest authors not necessarily reflect those of CIBC World Markets Inc. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.