Retirement Income for Life: Getting More without Saving More

by Frederick Vettese

Canada’s most trusted resource on retirement income, updated for tumultuous times As the global economy faces uncertainty in the face of high inflation ― at levels seen only twice before in this century ― and the specter of recession looms, individuals in retirement or near to it are understandably anxious about living well long-term. Canadians need the tools to make better-informed choices to turn their retirement savings into retirement income for life. This revised and updated Actuary Frederick Vettese demystifies a complex and often frightening subject and provides practical, actionable advice. With over one thousand Canadians turning 65 every day, the cultivation of good decumulation practices ― the way in which you draw down assets in retirement― has become an urgent matter that no one can afford to ignore.

Genres: Nonfiction, Finance, Personal Finance

264 pages, Paperback

Published January 2, 2024

Reviews

[Stephanie Smith · Rating 3 out of 5]

3.5 rounded down

A good review of some key retirement and investment planning strategies with concrete illustrations that demonstrate the impact of certain variables on your overall retirement income and projections (e.g., investment fees, age of drawing CPP).

I was interested to learn about the PERC tool and will explore that further as a potential annual monitoring tool to gauge yearly retirement withdrawals. However, overall, there was not a lot of new information for me and I felt that some key information/guidance was missing. I feel other books and resources (e.g., “Beat the Bank” by Larry Bates, “The Build Wealth Canada” podcast) cover these topics in a more reader-friendly manner that also include key additional content that gives readers/listeners more tools, guidance & confidence in their ability to navigate this arena and implement DIY approaches. A couple examples include:

1) intel re the newer All-in-One Asset Allocation ETFs that make DIY investment approaches very doable with no need for the individual to figure out rebalancing, etc. I was surprised this author does not discuss these types of ETFs at all and also suggests that robo-advisors (at a higher fee) may be the best route for most retirees, stating that “you would have to be quite investment-savvy and diligent to pursue” the DIY approach. Especially with these newer asset allocation products, DIY investing is a very accessible option (even for the less savvy like myself) with some of the lowest investment fees.

2) Guidance re independent, fee-for-service financial advisors who do not sell investment products. While the topic of financial advisors and planners was briefly mentioned in Chapter 31 of this book, it was addressed more in relation to those who are looking to sell you investment products and thereby receive compensation via a percentage of your assets as their fee (& hence their potential biases/conflicts of interest with this sort of relationship). However, there are reputable fee-for-service, independent financial advisors and firms in Canada (as recommended in “Beat the Bank” and on “Build Wealth Canada” podcast). Tapping into this type of resource proved to be extremely valuable and affirming for my retirement planning purposes.

[Mark Mccormick · Rating 5 out of 5]

I highly recommend this book, especially reading it by when you are within 5 years of retirement. It is a great resource to have even after retirement.

[Guillaume Martel · Rating 5 out of 5]

I really enjoyed this book. This book is really meant for you to learn more about wealth decumulation in retirement. In my mind it implies you already know about investment strategies and how to maximize them. Retirement spending is rarely discussed in a practical way. I know a lot about RRSP, TSFA, and RESP, but very little about RRIF and other retirement rules. This book was very helpful for that and as a starting point to think about a future strategy. It is probably best read in your 40s onward, but I do think it can be valuable for anyone who wants to understand the full planning trajectory. Why bother saving for retirement if you don’t know what retirement looks like financially?

[Dawn · Rating 3 out of 5]

I'd say this is actually a really good Canadian retirement book, it just had a lot of stuff that isn't applicable to me, as one of the 10% of people with a DB pension. And there wasn't a lot of information, even in general, for my situation. I think because most people assume you don't need a lot of help planning when it is mostly all done for you with the pension.

[Niya · Rating 3 out of 5]

It's nice to see a Canadian specific guide but it should come with a cover warning saying it's only for folx 50+. I will have to pick it up again in 15 years to be able to apply the planning tips... assuming everything hasn't changed by then

[Lori · Rating 3 out of 5]

I'm sure this is a good book for people planning retirement, and it was recommended. We are already retired, so much of the advice didn't apply to us.

[Reader · Rating 4 out of 5]

This book helps you plan for retirement financially.

[Kirsten Smith · Rating 4 out of 5]

At last I finished it. I didnt understand everything but the big takeaway is defer CPP until 70 if you can, which we can.