The Challenges in Achieving Financial Security

It wasn’t long ago that achieving financial security was a relatively minor challenge for many people and that financial planning was thought of as a discipline that only applied to the very wealthy. Most people didn’t feel the need to plan, and, frankly, most financial advisors felt the same way. If you consider the fact that, just a few decades ago, the average life expectancy was just 74 years, few people were concerned with making their retirement income last a lifetime. And, back then, the majority of retirees were supported by the three-legged stool of Canada Pension Plan (CPP) and Old Age Security (OAS), personal savings and guaranteed pensions.