Retirement – there aren't many milestones that get more attention for more time than this popular crossroads. On the Allan Bush Investment Team, we've been planning for and working toward your retirement since our first meeting. Given that the average full-time employee in Canada works over 2000 hours per year, it's not difficult to calculate how long you've been building for this day. As the moment nears and the initial saving and financial planning are ending, what should you think about now?

The easy answer is the questions that pop into our minds right away.

• "I'm going to relax."
• "We're going to travel."
• "I'm going to play golf every day."

There are a few stages to the retirement phase of life, and the initial ones are typically these easy answers, often referred to as the "Honeymoon Phase." Financially speaking, the end of a steady paycheque (unless you have a pension) can be emotionally tricky, especially if you have concerns about how much money you have saved. There is a high likelihood that if you and your spouse worked, the timing of your retirements might not coincide. This disparity can have some ramifications regarding activities where one person is free and the other is still working.

Oftentimes, self-worth is determined by what you do for a living, so when it comes to retirement, there can be an emotional letdown at the start. It is essential to understand that these emotions are entirely normal and that your work doesn't and never did define you as a person. You are who you are, and it's time to enjoy the fruits of your hard work.

Also, when a career comes to a close, in some cases, some other options open up that weren't previously available. Once you are no longer tied to a specific location due to your place of work, you may consider downsizing or moving to a preferred climate or lower cost of living, which will stretch your financial resources. These are significant decisions that are now possible and can play a prominent role in life after work.

The early retirement years, sometimes called the "Honeymoon Phase," tend to incur the most expenses due to purchases or travel. Once this period's lustre has worn off, people tend to develop a different routine. Many people's expenses tend to lower as the desire to travel and the number of outside activities lessen. You've been saving and investing wisely for many years leading up to retirement, and it is important to allow yourself to enjoy the newfound "freedom" even though some expenditures may be outside what you're used to.

Later retirement can be accompanied by more health-related issues. These may impede your quality and quantity of activity and can accompany other expenses related to an increasing need for outside assistance. Outside help for the upkeep of your own home or to pay for a move to an independent or assisted living facility comes into play and is entirely normal. Mileage may vary in timing, but this phase is also expected and happens to most people. The emotions that come with later retirement can vary as the loss of complete autonomy will impact some more than others.

On the Allan Bush Investment Team, it's always our goal to help ensure that we put you on the most favourable financial footing coming into retirement and beyond. We will work through the changes to your portfolio as your risk tolerance shifts over time and are experienced in helping families transition through these phases of their lives. As always, we will be here to lend you a hand as you embark on your retirement journey.