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Personal Banking > Investments > Investment Advice > Getting Ready to Retire

Getting Ready to Retire

As you approach retirement, you may be feeling joy, excitement, anxiety or apprehension – or all of the above! Retirement is a time of change and anticipation. To make the most of it, think about your goals and priorities, assess your financial situation, and lay out a flexible road map for the years ahead.

 

Defining Your Retirement

An essential part of retirement planning is having a vision for the life you want to lead, taking stock of your personal goals, and understanding how your family and friends play a role in this next great stage of life.

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Assessing your Retirement Resources

To have the retirement you want, you need the financial resources to do it. Your income in retirement will come from a variety of sources, and understanding how much you will receive from each is an important part of preparing for your ideal retirement.

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Your Financial Health in Retirement

Are you financially prepared for retirement? As you get closer, it is a great time to test out your retirement budget, strengthen your savings efforts if needed and organize your finances so that the money side of retirement is set up to run smoothly.

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Use your investments to create retirement income

Learn how and when to withdraw your funds so you can make the most of your retirement income.

Use your investments to create retirement income

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Get a Customized Retirement Tip

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Your customized retirement tip

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As you enjoy your years in retirement, here are some things to keep in mind:

  • It’s a good idea to understand your retirement expenses –both the necessities, as well as for the nice to haves such as travel, a move, or helping a family member financially.
  • Take stock of all the financial resources you will have to create your future retirement income and consider making use of all available options to save – TFSAs and RRSP catch up loans.
  • Start to think about whether it makes sense for you to take your CPP payments early, or alternatively, to defer them to a later age to increase your benefits.
 

We can help you determine the right strategies for your retirement needs.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As you enjoy your years in retirement, here are some things to keep in mind:

  • If you are looking for tax savings ideas: consider CPP/QPP benefit sharing or split eligible pension income with the lower income spouse.
  • Consider contributing any spare funds to a Tax Free Savings Account. A TFSA is an excellent way to continue investing tax-free.
  • Remember, retirement planning doesn’t just stop because you’re retired!
 

We can help you define your retirement.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement income – and define retirement on your terms.

As your retirement is approaching, you have some time to create a well-thought out plan for your future, while having a good idea of what your savings will be. Here are some things to consider to ensure you can make the most of your retirement years.

  • It’s a good idea to understand your retirement expenses –both the necessities, as well as for the nice to haves such as travel, a move, or helping a family member financially.
  • Take stock of all the financial resources you will have to create your future retirement income and consider making use of all available options to save – TFSAs and RRSP catch up loans.
  • Start to think about whether it makes sense for you to take your CPP payments early, or alternatively, to defer them to a later age to increase your benefits.
 

We can help you determine the right strategies for your retirement needs.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

It’s never too early – or too late – to shape and sharpen your retirement plan. As you think about your plans for your future, here are some ideas for you to consider.

  • Start thinking about where you will live in retirement, and how you will spend your time. Plan for the necessities, as well as for the nice to haves such as travel, a move, or helping a family member financially.
  • Take stock of all the financial resources you will have to create your future retirement income and consider making use of all available options to save – such as TFSAs and RRSP catch up loans.
  • If you are saving up for retirement keep paying yourself first - even if it’s small amounts regularly - to build your retirement savings.
 

We can help you determine the right strategies for your retirement needs.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As you near retirement, now is a great time to fine-tune your plans for the future. Here are some things to consider to ensure you can make the most of these exciting years ahead.

  • Think about what you want your retirement to look like – the necessities and the nice to have. Even though your ideas may change down the road, having a picture is a good starting point to help you build your retirement plan.
  • If you don’t need your CPP/QPP benefits consider delaying your payments to take advantage of the increased pension amount when you do apply.
  • If you are looking for tax savings ideas: consider CPP/QPP benefit sharing or split eligible pension income with the lower income spouse.
 

We can help you define your retirement.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As your retirement is approaching, you have some time to create a well-thought out plan for your future, while having a good idea of what your savings will be. Here are some things to consider to ensure you can make the most of your retirement years.

  • Think about what you want your retirement to look like – the necessities and the nice to have. Even though your ideas may change down the road, having a picture is a good starting point to help you build your retirement plan.
  • Take stock of all the financial resources you will have to create your future retirement income. If you have unused RRSP contribution room, see if a catch up loan makes sense for you.
  • Look at strategies to minimize your taxes such as contributing to a TFSA.
 

We can help you define your retirement.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As your retirement is still several years away, you’re in a great position now to create a realistic and well thought-out plan for your future. Here are some things to consider to help you balance your financial needs of today with your retirement goals of tomorrow.

  • Take stock of all the financial resources you will have to create your future retirement income. If you have unused RRSP contribution room, see if a catch up loan makes sense for you.
  • Look at strategies to minimize your taxes such as contributing to a TFSA.
  • Review your current plan to ensure your family and your lifestyle are protected from uncertainties such as job loss or disability; if you haven’t already prepared Wills and Powers of Attorney, there is no time like the present!
 

We can help you define your retirement.

Based on what you’ve told us, we’ve put together some tips to maximize your retirement dollars – and define retirement on your terms.

As your retirement is still several years away, you’re in a great position now to create a realistic and well thought-out plan for your future. Here are some things to consider to help you balance your financial needs of today with your retirement goals of tomorrow.

  • Take stock of all the financial resources you will have to create your future retirement income. If you have unused RRSP contribution room, see if a catch up loan makes sense for you.
  • Look at strategies to minimize your taxes such as contributing to a TFSA.
  • Review your current plan to ensure your family and your lifestyle are protected from uncertainties such as job loss or disability; if you haven’t already prepared Wills and Powers of Attorney, there is no time like the present!
 

We can help you define your retirement.

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