Retirement Planning
A plan for the paycheque that has to come from somewhere else now.
Retirement planning is less about a lump-sum number and more about a monthly income plan — where it comes from, in what order, and how it's taxed — that lasts as long as you do.
What's Included
What working together looks like.
- A retirement income projection across CPP, OAS, employer pensions, RRSPs/RRIFs and personal savings
- A withdrawal order designed to manage your tax bracket over time
- Guidance on CPP and OAS timing decisions
- Planning for healthcare and long-term care costs later in retirement
- Coordination with your estate plan for money you don't end up spending
- Ongoing reviews as markets, rules and your own plans change
Who This Is For
You might recognize yourself here.
Within 10 years of retiring
Wanting a real income plan, not just a savings target to hit.
Recently retired
Not sure which account to draw from first, or in what order.
Business owners
No workplace pension, and retirement savings built a different way.
How It Fits Together
This rarely stands alone.
Decisions here tend to touch other parts of your plan. A couple of related places to look next:
Tax Planning
The order you draw down accounts in can change your tax bill meaningfully over a 20-30 year retirement.
See tax planningEstate Planning
What you don't spend in retirement becomes part of your estate — the two plans work together.
See estate planning
Common Questions
Answered plainly.
Starting earlier means smaller, longer payments; waiting means larger, shorter ones. The right answer depends on your health, other income, and how long you need the money to last — it's a personal calculation, not a universal rule.
For most Canadians, CPP and OAS together typically cover only part of pre-retirement income, so personal savings usually need to fill the rest of the gap. How large that gap is depends entirely on your own numbers.
An RRSP must convert to a Registered Retirement Income Fund (or an annuity, or be cashed out) by the end of the year you turn 71. After conversion, minimum annual withdrawals are required by law.
It depends on your interest rate, your other savings, and how much a paid-off home reduces your monthly income needs. Worth modelling both ways before deciding.