Retirement can feel like a distant concern until suddenly it isn’t. Kimberley Jensen Doty has seen how waiting to begin the conversation can leave people with fewer options as retirement gets closer.

As president of Carman-based Victorious Financial Services Inc. and a financial planner with more than 20 years of experience, Jensen Doty encourages people to start planning well before their final years in the workforce.

“Time is such a valuable asset,” she says. “That’s time to compound, time to have flexibility and time to change things.”

Another common mistake is focusing on a single savings target. Having $500,000 invested, for example, does not necessarily mean someone is ready to retire.

Savings are only one part of a larger picture that can include pensions, government benefits, lifestyle expectations, inflation, investment returns and how long those resources may need to last

There is no magic number

Jensen Doty says determining whether someone is on track begins by defining what retirement will actually look like for that person.

Some people hope to stop working entirely at 60 or 65. Others may leave a demanding career earlier and work part time for another decade. Retirement could include travel, gifts to children or grandchildren, charitable giving or continued employment simply because someone enjoys working.

“There’s no magic number,” Jensen Doty says.

A useful starting point is taking stock of what you own, what you owe and how much you are currently saving. Employer pensions and expected government benefits can then be added to the picture. From there, a financial planner can help connect those resources to the lifestyle someone hopes to maintain in retirement.

Planning software available to Sun Life advisors also allows clients to consider different scenarios. Clients can examine what may happen if they retire at 60 instead of 65, work part time for several years or begin receiving CPP at different ages.

Jensen Doty says modelling those possibilities can also account for variables such as inflation, longevity and investment returns.

a financial advisor speaking to a room

Kimberley Jensen Doty addressing a recent session

Making retirement planning easier to understand

With financial information readily available online, Jensen Doty says the challenge is often figuring out which information applies to an individual situation.

Victorious Financial Services works with Clients directly while drawing on resources available through Sun Life, including estate and financial planning professionals, insurance and investment specialists, accountants and lawyers. Jensen Doty has worked with Sun Life for 18 years.

She says retirement discussions should feel conversational rather than intimidating or judgmental.

“When you’ve got somebody to guide you through retirement conversations, then that fear can diminish,” she says.

Victorious Financial Services can be reached by calling 204-745-6312. More information about Jensen Doty and Victorious Financial Services can be found online.