While capital preservation is crucial, being too conservative can be just as dangerous as being too aggressive. A portfolio entirely in GICs and savings accounts will likely lose purchasing power to inflation over a 25-year retirement.

Don't put all your eggs in one basket—whether that's one stock, one sector, one country, or even one asset class. Proper diversification smooths out returns and reduces the risk of catastrophic loss.

When you're withdrawing from your portfolio, every dollar lost to fees is a dollar that isn't generating income or growth. A 2% annual fee might seem small, but over 20 years it can consume more than 40% of your potential returns.

Complex strategies often underperform simple, low-cost, diversified portfolios. A portfolio of 3-5 well-chosen ETFs can provide everything most retirees need.

You may have heard the old rule: "Subtract your age from 100 to get your stock allocation." For a 70-year-old, that would mean 30% stocks and 70% bonds.

This rule made sense when life expectancies were shorter and bonds yielded 5-8%. Today, with longer retirements and lower bond yields, most experts recommend maintaining higher equity allocations than this rule suggests.

Dividend-paying stocks and dividend-focused ETFs can provide regular quarterly income. Canadian dividend stocks offer an additional advantage: the dividend tax credit makes them more tax-efficient than interest income.

Bonds and bond ETFs provide regular interest payments. While yields are lower than historical averages, bonds remain important for stability and income predictability.

The "total return" approach focuses on overall portfolio growth rather than just income-generating investments. You then withdraw a sustainable amount (typically 3-4%) annually regardless of whether that comes from dividends, interest, or selling appreciated investments.

For those prioritizing stability and regular income over growth:

For those seeking a balance between income and long-term growth:

For those who prefer simplicity above all else:

At least once per year, review your portfolio and rebalance back to your target allocation. If stocks have outperformed, sell some and buy bonds to maintain your desired balance.

In non-registered accounts, consider selling investments at a loss to offset capital gains. This is particularly valuable in years when you have significant gains to offset.

Draw from accounts in a tax-efficient order. Generally, this means using non-registered accounts first, then RRSPs/RRIFs, and preserving TFSAs for last. However, individual circumstances may warrant different approaches.