As Canadian baby boomers enter retirement, there is a great deal of concern, anxiety and confusion as to how to plan their retirement income.
When it comes to effective retirement income planning, Canadians need to accept that hard decisions have to be made and that some concessions will be necessary.
There is always a trade off between risk and return, and in order to ensure a predictable income stream, one may have to give up some return to achieve more stability. In achieving predictability, however, one may also have to sacrifice some control and flexibility.
In deciding on their personal retirement income strategy, some Canadians must recognize that they cannot have their cake and eat it too.
They should make an honest assessment of what they need and value most and what they are prepared to give up.