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Throughout our careers, we all occasionally dream of the day we retire and imagine what our lives will look like then. Whether we’re travelling the world or enjoying time with our loved ones, retirement — and having the flexibility to do what we want, when we want — is something we should be able to look forward to.

While exciting, planning for the life we would like to lead can be a daunting process. Regardless of our individual goals, there are many variables to overcome when financial planning for the future, such as the shift from traditional career paths towards the gig economy, a focus on gathering experiences throughout one’s life or getting married and having children later.

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Determining when to “cash out” with enough savings to last and live comfortably through retirement is not an easy feat. Today, one of the most taxing challenges that is often left out of the conversation is the impact of the change in average lifespan. According to Statistics Canada, today, the average Canadian will live until age 82, with the number of centenarians — those reaching the age of 100 — continuing to grow.