How Much Is Enough? $1M, $3M, $5M…

The Question We Get Asked All the Time

“How much do I need to retire?”

It’s one of the most common questions we hear — especially from people here in Winnipeg.

And almost every time, the conversation starts the same way:

“Is $1 million enough?”
“What about $3 million?”
“Should I be aiming for $5 million?”

It’s a fair question. But the honest answer is always the same:

It depends on the life you want to live.

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The Problem With Chasing a Number

There’s a lot of noise out there about “the magic retirement number.”

The reality?
A number on its own doesn’t mean much.

$1 million could be more than enough for one person — and nowhere near enough for another.

Why?

Because retirement isn’t just a financial milestone.
It’s a lifestyle decision.

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Start With This Instead: What’s Important to You?

Before we talk about dollars, we ask better questions:

• What does your day-to-day life look like in retirement?
• Do you want to travel? Stay close to home? Help your kids or grandkids?
• Are you planning to downsize — or upgrade your lifestyle?
• How long do you want your money to last?

Because once we understand that, we can map out the number.

Not guess it. Not estimate it broadly.
Actually plan it.

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Winnipeg Matters More Than You Think

Working with financial planners in Winnipeg, we see firsthand how geography plays a role.

Cost of living, housing, taxes, and lifestyle expectations here are very different from Toronto or Vancouver.

That’s why generic advice doesn’t work.

Your plan needs to reflect:

• Local cost of living
• Manitoba tax structure
• Your actual spending habits
• Your personal goals

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What Actually Impacts “Enough”

When we build a financial plan, we’re not just looking at your investments. We’re factoring in:

Inflation

The cost of living doesn’t stay the same — especially over a 20–30 year retirement.

Taxes

How you draw income matters just as much as how you build it.

Fees

Even small percentages can have a meaningful impact over time.

Longevity

People are living longer — which means your money needs to last longer.

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The Four Stages We Plan For

At YourStyle, we don’t just focus on retirement. We guide clients through every stage:

Accumulation

Building the foundation and developing good habits.

Growth

Maximizing opportunities while managing risk.

Preservation

Protecting what you’ve built as retirement approaches.

Transfer of Wealth

Ensuring your legacy is passed on efficiently and intentionally.

Because the goal isn’t just to retire.
It’s to do it with clarity and confidence.

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So… Is $1M Enough?

It might be.
Or $3M might not be.

That’s the point.

There is no universal number. There is only your number.

And the only way to find it is through planning.

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Live for Today. Plan for Tomorrow.

You don’t have to choose between enjoying life now and preparing for the future.

With the right plan, you can do both.

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Let’s Build Your Plan

If you’ve been wondering whether you’re on track — or what “enough” really looks like for you — let’s have that conversation.

We’ll map it out clearly, based on your life, your goals, and your timeline.

👉 Connect with YourStyle Financial to start your personalized financial plan.

Because peace of mind doesn’t come from guessing a number.
It comes from knowing your plan.

— Doug

MAID and Life Insurance in Canada: What We Know (And What We Don’t)

This is a sensitive topic — and an important one.

Recently, I was asked a thoughtful question about how changes in life expectancy and the growing use of Medical Assistance in Dying (MAID) might affect life insurance premiums and payouts.

It’s a professional question — but also a deeply personal one.

So let’s walk through this carefully.

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Canadians Are Living Longer

Life expectancy in Canada has indeed increased significantly over the past century. According to Statistics Canada, Canadians today live substantially longer than they did in the early 1900s.

However, it’s important to clarify something:

Life expectancy has increased gradually over decades — largely due to advances in medicine, sanitation, and chronic disease management. It has jumped by 20 years in just two generations, however it fluctuated slightly during COVID.

Insurance companies already price policies using updated mortality tables. Longevity trends are not a surprise to the industry — they are built into actuarial modelling.

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What Is MAID?

Medical Assistance in Dying (MAID) became legal in Canada in 2016 under federal legislation. It allows eligible individuals, under strict medical and legal criteria, to request medical assistance in dying.

It is not the same as a general “suicide clause,” and that distinction matters greatly in insurance.

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Is MAID Treated as Suicide in Life Insurance Policies?

This is the question most people want clarity on.

In Canada, most life insurance policies contain a suicide exclusion clause, typically stating that if the insured dies by suicide within the first two years of the policy, the benefit may not be paid (or premiums may be refunded).

However:

MAID is legally distinct from suicide under Canadian law.

As of today, most major Canadian insurers treat a death under MAID the same as any other natural death — provided:

• The policy has been in force beyond the suicide exclusion period (usually 24 months)
• There was no material non-disclosure at the time of application
• The individual qualified legally under MAID legislation

That said, policy wording matters. Each insurer’s contract language is what ultimately governs payout.

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Could Premiums Increase Because of MAID?

At this time, there is no clear evidence that MAID has directly caused increases in life insurance premiums.

Insurance pricing is based on large-scale actuarial modelling, and while MAID is factored into mortality statistics, it represents a relatively small percentage of overall deaths in Canada.

Insurers adjust pricing based on:

• Longevity trends
• Claims experience
• Investment returns
• Regulatory requirements
• Reinsurance costs

It is unlikely that MAID alone would dramatically alter premiums industry-wide — but insurers continually monitor mortality data.

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A Word About Some Of The Numbers Circulating

There are many statistics being shared socially about MAID — particularly regarding usage rates in care homes and the projected healthcare savings.

It’s important to approach these figures carefully.

While the federal government has acknowledged cost implications in policy discussions, MAID legislation was not introduced as a cost-saving measure. It was framed around autonomy, medical ethics, and end-of-life rights.

Any financial projections about long-term healthcare savings remain estimates — they are not guaranteed fiscal outcomes.

As planners, we focus less on speculation and more on documented contract language and current underwriting standards.

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What Matters Most For Policyholders

If you have life insurance and are concerned about how MAID could affect your policy, here’s what I recommend:

1. Review your policy wording
   Look specifically at the suicide exclusion clause and the incontestability period.
2. Confirm disclosure history
   Material non-disclosure can affect any claim — regardless of the cause of death.
3. Have a conversation before you need one
   It’s always better to clarify contract details proactively.

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The Bigger Picture

This is not just a financial topic. It touches ethics, autonomy, family dynamics, and deeply personal decisions.

Insurance exists to create certainty during uncertain times. The goal is not to speculate — it’s to understand how your specific contract works within today’s legal framework.

If this is a question on your mind, let’s review your policy together and ensure there are no surprises.

Because clarity brings peace of mind — and that matters.

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