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How to transition to retirement

A financial plan can help you adjust to retirement

You’ve worked hard to save for retirement – prioritizing your goals along the way.

We know how exciting retirement can be after years of hard work. So have you considered how you’re going to spend your “me time”? How long you’ll live is an important factor that impacts how long your money needs to last.  Canadians are living longer than before, which means you’ll likely need more to support your retirement dreams.

With retirement approaching, you might be imagining what 20, 30 or 40 years of life will look like once you're retired. You’ve worked hard to get yourself to this point and would want to make sure you are confident in your financial plan that is tailored to your unique situation.

It’s important to have a retirement income strategy that sets the stage for a long and enjoyable retirement. Part of creating a plan that works for you involves setting realistic expectations about your saving and spending habits. Working with your advisor will help you stay focused on the things that matter, rather than the checks and balances of financing your retirement.

Do you think you’ll spend less in retirement? Some say you’ll spend the same, or maybe even more. To help you position for a bright future, you can take these steps as you move closer to retirement.

Three to five years before retirement 

  • Estimate how much money you’ll get from the government and your employers.
  • Estimate your living expenses and lifestyle needs.
  • Review your investment portfolio with your advisor to find out if you’re on the right track to achieve your goals.
  • Consider consolidating all your investments with one financial advisor to allow for one cohesive plan to be developed

One year before retirement 

  • Confirm eligibility and amounts of retirement income from all sources.
  • Review estate planning.
  • Work with your advisor to put the finishing touches on your customized retirement program.

Six months out 

  • Update your beneficiary information.
  • Apply for government benefits.
  • Apply for retirement income from your workplace plan.

You can make the most out of your retirement by working with an advisor who can help you better understand and manage your potential sources of income. 

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