There's a lot of thought that goes into retirement planning. The earlier you start your planning, the more prepared you'll be when the time comes.
It's important to think about how much money you'll need in order to retire comfortably, whether you'll be relying on a reduced income, and if that income will support the lifestyle you want in retirement.
You can use this Retirement Expense Worksheet to compare your pre- and post-retirement income.
Your retirement goals and your spending habits will form the basis of how much income you'll need. Common retirement planning questions to ask yourself (and your spouse or partner, if you have one) are:
We recommend that you seek advice from an independent financial advisor before making any retirement decisions. To help you choose the right financial professional, the Government of Canada has some helpful guidelines.
For many Canadians, retirement income will come from multiple sources. The Canada Pension Plan (CPP) and Old Age Security (OAS) are federal pensions most Canadians will collect. You may also have Registered Retirement Savings Plans (RRSPs), other investments or even a pension from another employer. The following is a list of common sources of income for you to consider when retirement planning.
Government Pension Plans
Registered Investment Income
Employer Pension Plans
Non-Registered Investment Income
