Retirement Planning

Retirement planning involves firstly determining how and where you want to live when you retire, and especially determining how much money you need to live on for your life expectancy (your income goals).  You need to figure out the actions and decisions needed to achieve these goals.  This includes identifying sources of income, estimating expenses, implementing a savings program and managing the assets you have.

Many of us cannot afford a financial planner to help us with this important task.   Luckily the Government of Canada provides various resources to help you with your retirement planning.  The headings below are links to click on to connect to services and information for each of these parts of retirement planning

Government of Canada – Retirement Planning – services and information

Determining how much money you need for retirement

How much money you need to retire, the impact of inflation on your retirement income and more.

Sources of retirement income

Public pensions, OAS, CPP, employer pensions, RRSPs and other sources of personal savings.

Tax deductions, credits and expenses

Claiming tax deductions, credits and expenses to reduce the amount of tax you must pay.

Public pensions

The Canada Pension Plan (CPP), Old Age Security (OAS) pension and other income allowances and benefits.

Living and travelling abroad when you retire

The potential implications for your taxes, benefits and insurance when living abroad during your retirement.

Saving for retirement

When, why and how to start saving for your retirement and tips to help balance your financial priorities.

Working while collecting a pension

The impact of working during your retirement on your OAS, CPP or other pension income.

Housing options for seniors

Housing costs, options and choosing where to live when you retire.

Budgeting during retirement

Making and following a budget during your retirement years.