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.
If you're like most Canadians, the money you receive once you retire will come from different sources:
Government Pension Plans
Employer Pension Plans
Registered Investment Income
Non-Registered Investment Income
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.
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: