Retirement Planning: Are You Ready?

Retirement is more than a date. It's a change in how you spend your time and how money reaches you each month. These questions can help you see how prepared you are.

What do you want your retirement to look like?

Where will you live? Will you travel, work part-time or support family? Your plans shape what your retirement will cost, so it's worth discussing them with your partner or family.

Where will your income come from?

Income may come from government benefits such as the Canada Pension Plan and Old Age Security, a workplace pension, your registered and personal savings, or a business. The timing and order of these sources can make a real difference.

How long does your money need to last?

Many people spend decades in retirement. It's sensible to plan for a long life, rising costs over time, and possible future health or care needs.

What debts will you still have?

Debt payments can take up much of a retirement income. Look at what you expect to owe when you stop working, and whether you can reduce it beforehand.

Are your documents up to date?

Check your will, powers of attorney and beneficiary designations, especially after major life changes. A qualified lawyer can help you update your legal documents.

The best time to review

Whether retirement is close or decades away, a review shows you where you stand and what you could adjust while you still have time.