The idea of retirement is nothing new, but how Canadians are approaching it is quickly and consistently changing. Longer life-expectancies paired with economic uncertainty have left many of us reconsidering how we can achieve (and afford) our ideal lifestyle during our golden years.

No matter what stage of life you’re currently in, you should think about how inflation and interest rates can impact your retirement.

“It’s important that Canadians are set up for a successful retirement and feel confident in their financial future,” says Christine Van Cauwenberghe, head of financial planning at IG Wealth Management. “This requires a comprehensive financial plan and dependable advice that they can rely on for many years.”

Below are four strategies to help you plan.

Use technology to run all scenarios

Being flexible in your financial planning is one way to ensure that your retirement funds will be enough. It’s nearly impossible to predict every single scenario that can play out when it comes to market conditions. However, many financial advisors have access to leading-edge technology, like financial planning software, to make informed decisions and help you meet your retirement goals. Using this technology can also help ensure that your savings will last throughout your golden years.

Be strategic about withdrawals

Tax implications from retirement-related withdrawals can be significant. Understanding the best strategies for Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) withdrawals will help you prepare for retirement and ensure you get the full value of your savings.

Consider postponing your Canada Pension Plan payments

Canadians are now living longer than ever, and so planning for your savings to last until you’re 85 years old may not be enough. Unless you are in poor health or have a family history of a short lifespan, consider postponing receiving your Canada Pension Plan payments until age 70 to receive higher amounts, even though you may be entitled earlier.

Take advantage of Old Age Security

Old Age Security (OAS) is different from RRSPs and TFSAs in that it’s social assistance, not something that you pay in to. If you’re able to fund retirement without OAS that’s an accomplishment – but use the funds if they are available to you, especially in an uncertain economy.

Canadians may also benefit from having someone who will ask them the right questions about their finances and lifestyle so their savings can support them in the years to come. For help in planning your retirement, speak with an advisor or visit