Top 5 Retirement Investing Mistakes for Canadians – Tips from a Calgary Financial Advisor

Top 5 Retirement Investing Mistakes for Canadians – Tips from a Calgary Financial Advisor

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Retirement should be a time of freedom and peace of mind—not financial stress. But for many Canadians, common investment mistakes can quietly erode their long-term wealth. Whether you’re in your 40s and building momentum or approaching retirement in the next few years, avoiding these missteps is critical to achieving lasting financial independence.

Here are the top 5 retirement investing mistakes Canadian professionals and business owners should avoid—and how to protect your future.

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1. Chasing Performance Instead of Following a Financial Plan

Too often, investors jump in and out of hot sectors, mutual funds, or ETFs based on recent returns. This reactionary behavior leads to buying high and selling low, the opposite of sound investing.

Solution:

Develop and stick to a long-term, evidence-based investment strategy and retirement plan tailored to your goals, risk tolerance, and time horizon. At MRG Wealth Management, we focus on financial planning, and diversification, and systems—not market hype.

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2. Ignoring Tax Efficiency Across Investment Accounts

You might be contributing to your RRSP and TFSA—but are you investing in the right types of assets in each?

Many Canadians overlook asset location strategy. For example:

• Interest income is heavily taxed in non-registered accounts
• Canadian dividends receive a tax credit
• Growth-oriented equities may be better in TFSAs for tax-free compounding

Solution:

Work with a tax-aware financial advisor in Calgary to build a tax-efficient portfolio that maximizes after-tax returns, not just nominal gains.

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3. Not Adjusting Investment Asset Allocation Over Time

A 35-year-old and a 65-year-old usually shouldn’t have the same wealth management strategy. Yet many investors set a portfolio and forget it—even as their life stage and retirement timeline change.

Solution:

Revisit your investment allocation at least annually, adjusting your risk and exposure as you approach retirement. This helps protect your downside and ensures you’re not forced to sell during a downturn.

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4. Underestimating the Impact of Inflation

A dollar today won’t be worth the same in 10, 20, or 30 years. Inflation quietly reduces your purchasing power—and over a 25-year retirement, it can have a massive impact.

Solution:

Include investments that can both grow your wealth and provide consistent cash flow in your investment portfolio, even into retirement, to preserve purchasing power. Build a cash buffer for short-term needs, but don’t go overly conservative too soon.

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5. Forgetting to Plan for Withdrawal Wealth Management Strategy

Building your nest egg is one thing—but how you draw from it matters just as much. Without a wealth management withdrawal strategy, you risk:

• Paying more tax than necessary
• Triggering OAS clawbacks
• Draining certain accounts too quickly

Solution:

Create a withdrawal plan that prioritizes tax efficiency and sustainability. For example, drawing from non-registered assets first may reduce long-term taxes compared to RRIF-first withdrawals.

Don’t Do It Alone

Retirement planning is complex, especially when you add in tax laws, income timing, and estate considerations. A financial advisor in Calgary who acts as your Personal CFO can help you avoid these mistakes and build a tailored wealth management strategy you can stick to—through good markets and bad.

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Ready to Build a Smarter Retirement Plan?

At MRG Wealth Management, we help Calgary professionals, business owners, and retirees avoid costly mistakes and invest for long-term success. Our structured, tax-efficient wealth management system helps you retire with clarity and confidence.

Book a complimentary introduction call and start planning your retirement the right way.

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