As a Financial Advisor in Calgary, one of the most eye-opening conversations I have with clients is about their Financial Independence Number—or FIN#. It’s a fancy term for a pretty simple question:

“How much income will I need in retirement, to live the life I want?”

And here’s the truth? Most people underestimate that number… by a lot.

“I’ll Need Less Money in Retirement”… Will You Really?

There’s a common myth that once we retire, our expenses will drop dramatically. You hear it all the time: “I won’t be commuting. I won’t be buying work clothes. I won’t be eating out as much.”

And sure, some of that’s true. But from my experience, when we break down what retirement actually costs, things get real, fast.

Take housing, for example. Even if your mortgage is paid off (congrats, by the way!), the bills don’t stop:

• Property taxes
• Home insurance
• Maintenance (furnace, roof, lawn care… it adds up)
• Utilities (still heating that house!)

Now add in healthcare. As we age, expenses can increase, prescriptions, dental, glasses, mobility aids. These aren’t “maybe” costs, they’re real, predictable, and often underestimated.

And let’s be honest: you didn’t work your whole life to sit at home budgeting every dollar. You want to live.

But it’s not all scary… this is the Fun Part.

What Does Your Ideal Retirement Look Like?

Do you want to travel a couple times a year?
Play a weekly round of golf?
Visit the grandkids (who live a flight away)?
Have the flexibility to say “yes” to spontaneous adventures or new hobbies?

These “extras” aren’t really extra. They’re part of a well-lived retirement, and they need to be part of your plan.

So… How Do We Figure Out Your FIN#?

That’s where a Financial Advisor comes in. At Arlene Financial, we help you:

• Visualize what you want retirement to look like
• Identify your fixed and flexible expenses
• Estimate inflation, taxes, and rising healthcare costs
• Understand how much income your investments may generate
• Factor in government benefits like CPP and OAS
• Consider insurance tools, like Life Insurance, to protect your legacy and your loved ones

You don’t need to figure it out alone. We’re here to help you turn those questions into a strategy.

The Role of Life Insurance in Retirement Planning

You might be thinking: “Why do I need life insurance in retirement?” That’s a great question, and one I hear often.

While life insurance is often viewed as a tool for income replacement during your working years, it can play an important role later in life too. Depending on your needs, it may:

• Help offset final expenses
• Provide peace of mind for loved ones
• Support charitable giving goals
• Cover taxes owed on large assets (like cottages or RRSPs) when passed down

Understanding the importance of life insurance at every stage of life is part of building a well-rounded, secure financial plan.

The Bottom Line: Your Retirement, Your Way

Whether you’re five years from retirement or just getting started, knowing your FIN# gives you clarity. It helps you make informed decisions about where you’ll live, how you’ll spend your time, and how much you’ll need to fund the lifestyle you’ve worked so hard for.

Retirement shouldn’t feel like a guessing game, it should feel like freedom!

Let’s sit down, map out your goals, and start building a plan that gets you there, with confidence.

📅 Book your complimentary consultation with a trusted Financial Advisor in Calgary.

Disclaimers:

World Financial Group (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services. World Financial Group Insurance Agency of Canada Inc. (WFGIA) offers life insurance and segregated funds. WFG Securities Inc. offers mutual funds. WFG, WFGIA and WFGS are affiliated companies.
Headquarters: 5000 Yonge Street, Suite 800, Toronto, ON M2N 7E9. Phone: 416.225.2121

This material is intended for educational purposes only. It should not be considered tax, legal, or investment advice. Please consult a qualified professional for advice specific to your personal situation.