Retirement Planning

There's a lot that goes into planning for your retirement. The earlier you start your retirement planning, the more prepared you'll be when the time comes.

In retirement, many Canadians have a reduced income since they're no longer working. It's important to think about how much you'll need in order to retire comfortably, and, if you'll be relying on a reduced income, whether it'll be enough for the type of retirement lifestyle you want.

Because retirement planning can be a complex process with many things to consider, you may want to talk to a financial professional who specializes in retirement planning.

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Other Sources of Retirement Income to Consider

If you're like most Canadians, the money you receive once you retire will come from different sources:

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What are the common sources of retirement income I may use while retired?

Government Pension Plans

  • Canada Pension Plan (CPP);
  • Old Age Security (OAS); and
  • Guaranteed Income Supplement (GIS).

Employer Pension Plans

  • Your LAPP Defined Benefit Pension;
  • Other Defined Benefit Pensions;
  • Defined Contribution Pensions;
  • Deferred Profit Sharing Plans; and
  • Group Registered Retirement Savings Plans (RRSPs).

Registered Investment Income

Non-Registered Investment Income

  • Interest on personal savings;
  • Interest from GICs;
  • Dividends from or sale of stocks;
  • Interest from bonds;
  • Dividends from or redemption of mutual funds;
  • Conversion of home equity;
  • Income from business assets;
  • Income from real estate; and
  • Liquidation of personal assets.

Who to Contact for Retirement Planning Advice

We recommend that you seek advice from an independent financial advisor before making any retirement decisions. To help you choose the right financial professional, the Government of Canada has some helpful guidelines here.

How Much Retirement Income Is Enough?

Your retirement goals and your spending habits will form the basis of how much you need to save. Most people considering retirement ask themselves (and their partner) the following questions and then discuss them with a trusted, independent advisor when planning for their retirement:

  • How long do I and my partner expect to live?
  • What is my desired retirement lifestyle?
  • Do I plan on travelling more frequently?
  • What are my partner's retirement plans?
  • Do I want to work in retirement?
  • Do I plan on staying in my home or do I plan to move to a different community?
  • What is my health like and what is my partner's health like?
  • Are there aging parents or dependant children to consider?

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Your Pension Profile allows you to view your information, send documents, and request assistance and more via Secure Messages!


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Learn how the LAPP pension fund is professionally managed to provide you with a secure retirement income.


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Try out the LAPP Pension Estimator and access printable forms, member newsletters, annual reports, investment information and more.