In the rolling countryside north of Toronto, Sharon and Craig Davis stand at the threshold of retirement with assets exceeding $3.5 million. The couple, both 57, have built substantial wealth through decades of disciplined saving and strategic investments. Yet despite their impressive financial position, they harbor the same anxieties that plague many pre-retirees: Will it be enough?
“We’ve worked hard all our lives, saved consistently, but retirement still feels like stepping into the unknown,” Sharon confides during our interview at their 10-acre hobby farm, where horses graze peacefully in the background. “The numbers look good on paper, but there’s always that nagging question—have we prepared enough?”
The couple’s portfolio includes a mortgage-free primary residence valued at $1.2 million, investment accounts totaling $2.1 million, and approximately $200,000 in registered retirement savings plans. Their combined annual income currently reaches $230,000, with Craig working in technology management and Sharon in healthcare administration.
Financial advisor Eleanor Richardson of Cornerstone Wealth Management notes that the Davises represent a growing demographic of financially secure Canadians whose retirement anxieties stem less from numerical inadequacy and more from uncertainty about lifestyle sustainability.
“What we’re seeing with clients like Sharon and Craig isn’t a shortage of funds, but rather difficulty conceptualizing how their accumulated wealth translates into decades of retirement spending,” Richardson explains. “When you’ve spent 35 years saving, the psychological shift to spending those savings requires significant adjustment.”
The couple’s retirement vision includes maintaining their hobby farm, traveling extensively through Europe and Asia, and potentially purchasing a winter property in Portugal. These aspirations, while achievable with their current assets, require careful planning to ensure longevity of their resources.
A detailed financial analysis reveals the Davises could sustainably withdraw approximately $140,000 annually, inflation-adjusted, with minimal risk of depleting their portfolio. This represents a withdrawal rate of roughly 4% from their investment assets, widely considered conservative by financial planning standards.
“The math clearly supports their retirement readiness,” says retirement specialist Michael Zhang from the CO24 Business research team. “Their investment allocation of 60% equities and 40% fixed income provides sufficient growth potential while offering downside protection against market volatility.”
Beyond the numbers, however, retirement planning requires psychological preparation. For the Davises, this means gradually transitioning from their high-income careers to retirement, potentially through part-time consulting work that maintains professional engagement while reducing workload.
“Many of our clients benefit from phased retirement,” Richardson observes. “It provides financial and emotional breathing room while adjusting to this major life transition.”
The couple has also taken proactive steps toward estate planning, including updated wills and powers of attorney. Their adult children, both financially independent, figure prominently in their legacy planning discussions.
As retirement approaches, the Davises exemplify both the privileges and challenges of modern retirement planning. Their story reflects a broader trend among Canadian pre-retirees with substantial assets who nonetheless struggle with retirement confidence.
“Financial security doesn’t automatically translate to retirement readiness,” Zhang notes. “Even with $3.5 million, retirement represents a fundamental identity shift that requires both financial and emotional preparation.”
For Sharon and Craig, the financial foundations are unquestionably solid. Their remaining work involves bridging the gap between financial security and retirement confidence—a journey that, while uniquely theirs, resonates with retirement planners across Ontario.
