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PLAN MY RETIREMENT

Retirement isn’t about reaching a number.

It’s about turning what you’ve accumulated into an income that can support the life you want — without constantly wondering whether you’re going to run out of money.

The real question isn’t simply:

“How much do I need?”

It’s:

“How do I make everything I have work together?”

Where will my retirement income come from?

Most Canadians won’t retire with just one source of income.

Your retirement may include a combination of:

CPP

Canada Pension Plan

CPP can provide taxable monthly retirement income for life.

You can generally start CPP as early as age 60 or delay it as late as age 70.

The decision can significantly affect the amount you receive.

Learn about CPP →

OAS

Old Age Security

OAS is a government pension available to many Canadians beginning at age 65, subject to eligibility requirements.

Higher-income retirees may have some or all of their OAS recovered through the OAS recovery tax.

That makes income planning important.

Learn about OAS →

RRSP & RRIF

Your RRSP helped you accumulate money for retirement.

Eventually, you need a strategy for taking that money back out.

RRSP withdrawals are generally taxable, and an RRSP must eventually be converted or otherwise dealt with under the applicable rules.

For many Canadians, that means converting to a RRIF and beginning required withdrawals.

Learn about RRSPs & RRIFs →

TFSA

Your TFSA can become an extremely useful retirement asset.

Qualifying TFSA withdrawals are tax-free and generally don’t increase taxable income.

That can make the TFSA useful when coordinating retirement income with taxable sources such as CPP, OAS, pensions and RRIF withdrawals.

Learn about TFSAs in Retirement →

Pensions & Investments

Employer pensions, non-registered investments, corporate assets, rental properties and other savings can all contribute to retirement income.

The challenge is determining which source to use, when to use it and what the tax consequences may be.

Should I take CPP at 60, 65 or 70?

There isn’t one correct age for everyone.

Starting CPP earlier generally means receiving a smaller monthly amount for a longer period.

Delaying CPP generally means receiving a larger monthly amount once payments begin.

The decision can depend on:

Don’t make the decision based solely on a break-even age.

Look at how CPP fits into your entire retirement plan.

Which account should I spend first?

RRSP?

TFSA?

Non-registered investments?

Corporate investments?

There isn’t a universal withdrawal order.

Sometimes withdrawing registered money earlier can make sense.

Sometimes preserving TFSA assets is valuable.

Sometimes drawing from non-registered investments first works better.

The objective is not simply to pay the least tax this year.

The objective is to manage your income and taxes throughout retirement.

What happens if I live longer than expected?

That’s one of the risks retirement planning is designed to address.

Your plan should consider:

Retirement can last 20, 30 or even 40 years.

Your strategy needs to account for more than the first five.

Do I have enough to retire?

That’s ultimately the question.

And your investment balance alone can’t answer it.

Two people can retire with the exact same amount of money and have completely different outcomes.

What matters is the relationship between:

What you have.

What you’ll receive.

What you’ll spend.

What you’ll pay in tax.

And how long the money needs to last.

Your retirement deserves a plan, not a guess.

We can bring your CPP, OAS, pensions, RRSPs, RRIFs, TFSAs, investments and other assets together and show you how they could work as one retirement-income strategy.

The goal isn’t simply to retire.

It’s to stay retired.

BOOK A RETIREMENT CONVERSATION →