Retirement Planning vs. Investment Management: Why You Need Both

If you’re within 10 years of retirement, chances are you’ve started asking bigger questions:

• Can I actually retire when I want to?

• Will my income last as long as I do?

• What happens when my pay cheque stops and my investments need to replace it?

Many people assume strong investment performance alone will get them there. Others focus heavily on planning, but leave their investments on autopilot.

The truth is: a confident retirement requires both retirement planning and investment management — working together.

Investment Management: The Engine 

Investment management focuses on how your money is invested today:

• Asset allocation

• Risk management

• Portfolio diversification

• Rebalancing over time

• Responding to market changes

Investing is the engine that helps your money grow and supports future income. Robo-advisors and DIY platforms can handle basic investment management — but they stop short of answering the questions that actually matter as retirement approaches.

Retirement Planning: The Roadmap

Retirement planning answers the why, when, and how:

• When can you retire — realistically?

• How much income can your portfolio produce?

• How do CPP, OAS, and pensions fit into the picture?

• What happens if markets underperform early in retirement?

• How do taxes affect your withdrawals?

Without this roadmap, even a well-invested portfolio can leave you uncertain, stressed, or second-guessing every decision.

Why You Need Both (Especially 10 Years Out)

As you near retirement, the margin for error narrows. Decisions made in your late 50s and early 60s — like how much risk to take, when to draw pensions, or how to structure withdrawals — can have permanent consequences.

Here’s what happens when one exists without the other:

• Investments without planning: You don’t know if your portfolio actually supports your retirement lifestyle.

• Planning without investment management: The plan looks good on paper, but your investments may not deliver consistently.

When planning and investment management work together, you gain:

• Clear retirement income projections

• Confidence in your timeline

• Portfolios aligned with income needs (not just growth)

• Less emotional decision-making during market volatility

Beyond DIY and Robo-Advisors

DIY investing and robo-advisors are often great in your accumulation years. But as retirement approaches, most people want:

• Personal income projections

• Pension and government benefit optimization

• Ongoing monitoring and adjustments

• A professional who can answer “Should I?” before decisions are made

That’s where integrated retirement planning makes the biggest difference.

The Bottom Line

Retirement isn’t just about reaching a number — it’s about creating reliable income, minimizing stress, and knowing your plan will adapt as life changes.

If you’re within 10 years of retirement or less, now is the time to ensure your investments and your retirement plan are working together — not separately.