Episode 84: Your Retirement Plan Was Built on Assumptions. Are They Still True?

Published on September 21, 2026

Your retirement plan may have been carefully built—but when were the assumptions behind it last reviewed?

In this episode of Money Monday, Darren Devine, Financial Planner with Sun Life and President of Devine & Associates, explores an important question for anyone approaching or already planning for retirement:
Are the assumptions your retirement plan was built on still true?

A retirement plan is based on expectations about the future. But as retirement gets closer, those expectations can change.

Maybe you originally expected to retire at 65 but now want to leave work sooner. Perhaps you have decided to work longer or transition gradually into retirement.

Your expected retirement lifestyle may have changed too. Travel could be more important than you originally anticipated. You may be considering downsizing, relocating, or spending more time with family. At the same time, inflation and rising everyday expenses can change how much income that lifestyle may require.

This episode looks at four important assumptions worth reviewing:
→ When you plan to retire and how a different retirement date could affect your income needs
→ What retirement may actually cost based on your current lifestyle and priorities
→ Who else you're planning for, including adult children, grandchildren, aging parents, or future beneficiaries
→ How long your money may need to last and why longevity remains an important part of retirement income planning

Changes in these areas do not automatically mean your retirement strategy needs to be completely rebuilt.
They mean the assumptions underneath the plan deserve to be checked.

That's one of the reasons regular financial reviews matter. They create an opportunity to talk about what has changed, what may be coming next, and whether your financial plan still reflects your priorities.

Because a retirement plan should not simply reflect the life you imagined years ago.
It should continue to reflect the life you're planning today.

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Your Retirement Plan Was Built on Assumptions. Are They Still True?

Presented by Darren Devine, CFP®, CLU®, Financial Planner, Sun Life and President of Devine and Associates Financial Services Inc.

Every retirement plan starts with assumptions.

When you retire. What you will spend. Where you will live. How long your money may need to last.

But life has a habit of changing the assumptions.

So here's a question worth asking:

Does your retirement plan still reflect the life you're actually planning to live?

Hello, and welcome to Money Monday, where we help simplify your financial journey.
I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates. I’ve been helping families across Ontario plan, protect, and enjoy their retirement income for over 20 years.

A retirement plan isn't something you build once and put on a shelf.
Because even if the plan hasn't changed...
you probably have.

So today, let's look at a few of the assumptions worth revisiting.

1. WHEN YOU WILL RETIRE

Maybe you originally planned to retire at 65.

But now you're thinking 62 sounds pretty good.

Or maybe you enjoy working and want to stay longer.

Even a few years can change the picture—because your retirement date affects when employment income stops, when other income may begin, and how many years your savings may need to support you.

2. WHAT RETIREMENT WILL ACTUALLY COST

We make assumptions about spending too.

Then retirement gets closer and the lifestyle becomes more real.

Maybe travel has become more important.

Maybe you're planning to downsize.

Or perhaps housing, groceries, insurance and everyday expenses simply cost more than you anticipated.
Inflation doesn't just change prices.

Over time, it can change the amount of income your retirement lifestyle requires.

3. WHO ELSE YOU'RE PLANNING FOR

Your retirement plan might not only be about you.

Maybe you're helping adult children.

Supporting an aging parent.

Helping with grandchildren.

Or you've decided leaving an inheritance is more—or less—important than it once was.

Those are life decisions.

But they can also become financial planning decisions.

4. HOW LONG YOU MAY NEED THE PLAN

And then there's one of the hardest assumptions to make:

longevity.

None of us knows exactly how long retirement will last.

But a retirement beginning in your early 60s could potentially need to provide income for 30 years or more.

That's why planning isn't simply about getting to retirement.

It's also about planning for the decades that could come after it.

Now, none of this automatically means you need to change your retirement plan.

It means it's worth checking whether the assumptions underneath it are still true.

Because a good plan should evolve as your life does.

That's one of the reasons we meet with our clients regularly—to talk about what's changed, what's coming next, and whether the plan still reflects what's important to them.

So before another year gets away from you, ask yourself:

Does the retirement you're planning for today look like the retirement you originally planned for?

If the answer has changed, it may be time for a conversation.

Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!

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