Rethinking Life After 60: Day 10: Financial Planning Isn’t Just for the Wealthy

Think financial planning is only for the rich? Think again. Whether you're budgeting every dollar or managing a modest pension, planning ahead is one of the smartest, and kindest, things you can do for your future self. Learn practical tips and read how one retiree’s small financial habit gave him big peace of mind later in life. For too long, the idea of “financial planning” has been marketed as something reserved for the wealthy, people with investment portfolios, multiple properties, or large pensions. But the reality is this: financial planning is essential for everyone, especially when retirement might span 30 years or more.

Most retirees today didn’t grow up in a world where living well into their 90s was typical. As a result, many planned for retirement to last 10 to 15 years, not 30. But now, with medical advances and healthier lifestyles, we need to stretch our money further, and with more flexibility than ever before.

Why financial planning matters more than ever:

• Your retirement might be your longest life stage. You spent about 12 years in school, and likely 30–40 working, but retirement could match or exceed either of those timelines.
• Inflation doesn’t stop at 65. Rising food, housing, and medical costs can significantly impact fixed incomes.
• Unexpected expenses can hit at any time. A roof replacement, family emergency, or dental surgery can destabilize even a modest budget.

Practical, non-intimidating ways to start:

• Track your expenses. Even writing down what you spend for one month can be eye-opening and give you a clearer sense of where your money is going, and where it could be saved.
• Use free financial planning tools. Many banks and non-profit organizations offer retirement calculators, budgeting worksheets, and even one-on-one coaching.
• Talk to a financial advisor, even once. One meeting with a planner who charges by the hour (not commission) can help you identify goals, risks, and strategies that fit your reality.
• Practice “future-proofing” your budget. Ask: What would I do if I lived to 95? Or if I needed home care someday? Planning doesn’t eliminate worry, but it prepares you for what’s possible.

When David retired at 62, he thought he had it all figured out. His mortgage was paid off, and he had a modest pension. But by 75, his car needed replacing, his adult children asked for help during hard times, and dental bills weren’t covered by his provincial plan. What saved him was the rainy-day fund he’d almost forgotten about, something he started when he was 60 after reading a tip in a community newsletter.

“It wasn’t a lot,” David says, “but it gave me breathing room, and peace of mind. I didn’t have to panic. That small plan I made saved me.”

Financial planning isn’t about being rich, it’s about being ready. Whether you’re living on a tight budget, a pension, or personal savings, taking time to plan ahead now can help you stay independent, less stressed, and more open to the opportunities of a long, evolving retirement.