Why retirement planners are getting defensive + MORE Sep 30th

Northern Ontario paper mill is calling it quits  SooToday.comNorthern Ontario paper mill to idle operations, citing lack of financial support  YahooNorthern politicians weigh in on Kap Paper closure announcement  Northern Ontario BusinessOntario government urges Ottawa to ‘come to the table’ to help save northwestern Ontario paper mill  iPoliticsNorthern Ont. paper mill announces plans to close  CTV News

While working people may envy those at or near retirement, once you get there there’s a certain amount of anxiety over markets and the prospect of outliving your money should stocks and interest rates fail to cooperate.

Of course, those with guaranteed-for-life, taxpayer-backed, defined benefit pension plans may well be in an enviable position. I often wonder why the usual media financial profiles of senior couples even bother when their subjects both enjoy such pensions.

Sadly, most of us are not in such a fortunate position. We may have cobbled together a couple of small private-sector pensions over the years, but for the most part what wealth we have is in RRSPs/RRIFs, TFSAs and non-registered savings, which rise and fall with financial markets. From what I see at the new Retirement Club (which I wrote about in this space this past summer) most of those in the so-called retirement risk zone realize they are in effect their own pension managers, which means paying close attention to the markets…