Retirement Financial Planning Services
Retirement takes years of planning, but many Canadians delay important decisions. Your savings, investments, and financial choices today can shape your future lifestyle. Start planning early to give your money more time to grow. Whether retirement is decades away or just around the corner, a clear strategy can help you prepare.
Our retirement planning specialists provide personalized guidance to individuals in every stage of their working life whether you are employed, self-employed, a small business owner, or a corporation. We work with you to build a comprehensive retirement strategy that integrates registered savings plans, government benefits, tax planning, and investment selection into a clear, actionable roadmap to financial independence in retirement.
With retirement financial planning, you can make informed decisions about when to retire, how much to save, and how to turn your accumulated wealth into sustainable retirement income.
How Much Money Do You Need to Retire?
How much do you need to retire comfortably? The answer depends on your lifestyle, goals, and financial situation. There is no single savings target for everyone. Your expected expenses, retirement age, and income sources all matter. We help you estimate a target that reflects your needs.
Your target retirement income: Many financial planners use 70% to 80% of pre-retirement income as a starting point. Your actual needs depend on spending habits, travel plans, and lifestyle goals.
The impact of inflation:
Prices generally rise over time. Your retirement savings must account for this change. We include inflation in retirement projections to estimate future purchasing power.
Your expected retirement duration:
Retirement may last 25 years or longer. Plan for a long retirement to help reduce the risk of running out of savings.
Government benefit entitlements:
CPP and OAS may provide part of your retirement income. We estimate your potential benefits and identify the additional savings you may need.
Sources of Retirement Income in Canada
A retirement income plan can combine several sources of income. Each source has different tax rules and withdrawal options. Understanding how they work together can help you manage taxes and make your savings last longer.
Canada Pension Plan (CPP)
CPP provides monthly retirement income to eligible contributors. Your benefit depends on your contribution history and when you start collecting it. You can begin as early as age 60, usually at a reduced amount. You can also defer payments until age 70 for a higher benefit. We help you compare the timing and potential tax implications.
Old Age Security (OAS)
OAS provides a monthly pension to eligible Canadians aged 65 and older. Eligibility does not depend on employment history alone. You may defer OAS until age 70 to receive a higher payment. Higher-income recipients may face an OAS recovery tax. We include these factors when planning your retirement income.
Converting RRSPs to Retirement Income
RRSP holders must generally convert their RRSP by the end of the year they turn 71. Options include a Registered Retirement Income Fund (RRIF) or an annuity. RRIF withdrawals have minimum annual requirements and count as taxable income. We help you plan withdrawals and understand their potential tax impact.
Employer-Sponsored Pension Plans
Your workplace pension can play an important role in retirement. We include eligible pension benefits in your income projections. We also review payout choices and survivor benefits. Our goal is to coordinate your pension with CPP, OAS, and personal savings.
Our Retirement Planning Services
We offer a comprehensive suite of registered savings and investment vehicles designed to help you build, protect, and efficiently draw down your retirement wealth. Our services include:
Additional Retirement Planning Considerations
Retirement planning involves more than saving money. Taxes, housing, work, and healthcare can all affect your finances. We help you review these decisions and prepare for the next stage of life.
Tax deductions, credits, and expense claims: Ensuring you claim every eligible deduction and credit to reduce your tax burden in retirement, including the age amount, pension income amount, medical expense credit, and caregiver credits.
Working while collecting a pension: Understanding the impact of continued employment income on your OAS, CPP, and pension entitlements and planning your work-to-retirement transition accordingly.
Housing decisions in retirement: Evaluating the financial implications of downsizing, renting, moving to a retirement community, or remaining in your home, including the tax-free treatment of your principal residence on sale.
Retiring or living abroad: The tax, benefit, and insurance implications of spending your retirement years outside of Canada, including non-resident withholding tax on CPP, OAS, and RRIF income, tax treaty considerations, and provincial health insurance rules.
Budgeting in retirement: Creating a realistic retirement spending plan that accounts for fixed and variable expenses, healthcare costs, travel, and lifestyle goals and stress-testing it against different market and longevity scenarios.
Annuities: Explaining how annuities work, when they make sense as part of a retirement income plan, and how to compare life annuity, term-certain annuity, and variable annuity options.
Frequently Asked Questions
Start saving as early as your finances allow. Early contributions have more time to benefit from compound growth. However, it is never too late to make a plan. We can help you review your current savings and identify practical next steps.
Your choice depends on your income, tax bracket, and retirement goals. RRSP contributions may reduce your taxable income today. TFSA withdrawals are generally tax-free. Some people benefit from using both accounts. Compare the options based on your circumstances before deciding.
You generally must close or convert your RRSP by December 31 of the year you turn 71. You can transfer the funds to a RRIF or use them to purchase an eligible annuity. RRIF withdrawals count as taxable income. Planning ahead can help you manage future withdrawals and taxes.
Yes. A workplace pension may not cover every retirement expense. You still need to consider when to retire and how to coordinate your pension with CPP and OAS. Your personal savings and tax situation also matter. A retirement plan helps you evaluate these sources together.