How do I know if I have saved enough to retire?

This depends on comparing your estimated retirement expenses against your expected income from savings, pensions, and government benefits. A licensed advisor can help build this comparison using your actual numbers, which is generally more reliable than relying on a generic savings target that may not reflect your situation.

Should I pay off my mortgage before retiring?

Many people aim to reduce or eliminate mortgage debt before retiring to lower fixed monthly expenses, but whether this is the right priority depends on your interest rate, other debts, and overall financial picture. This is worth discussing with an advisor rather than assuming one approach fits everyone.

What if I want to retire earlier than the typical age?

Retiring earlier generally means your savings need to cover a longer period and government benefits may be reduced or unavailable until a later age, depending on current program rules. Early retirement often requires more detailed planning to bridge the gap between when you stop working and when other income sources begin.

Is it too late to start planning if retirement is only a few years away?

It is generally not too late to benefit from planning, even close to retirement. A focused review at this stage can help identify practical adjustments, such as expense estimates, benefit timing, and drawdown order, even if there is less time to build additional savings.

Questions to Ask Before You Retire

When Should I Start Government Benefits?

Government retirement benefits generally offer flexibility around when you start receiving them, and the timing can affect the amount received. These rules and amounts change periodically, so it is important to confirm current details through official government sources or a licensed advisor rather than relying on outdated information.

How Will I Cover Healthcare and Long-Term Care Costs?

While Canada's public healthcare system covers many medical services, some costs such as dental care, certain prescriptions, and long-term care are not fully covered and may fall to individuals or families. Thinking through how these potential costs would be funded, including whether any insurance products play a role, is a common part of pre-retirement planning.

What Will My Monthly Expenses Look Like?

Retirement often changes spending patterns rather than simply reducing them. It can help to build a realistic estimate of monthly expenses in retirement, considering categories that may increase, decrease, or stay the same.

Housing costs, including whether a mortgage will be paid off
Travel, hobbies, and discretionary spending
Healthcare and insurance premiums
Support for adult children or aging parents
Taxes on retirement income

In What Order Should I Draw Down Savings?

Deciding which accounts to draw from first, such as non-registered savings, RRSPs, or TFSAs, can affect your tax situation and how long your savings last. There is no universal answer, since it depends on your specific accounts, income needs, and tax bracket, making this a good topic for a licensed advisor or tax professional.

What Happens to My Estate and Beneficiaries?

Retirement planning often overlaps with estate planning questions, such as how assets will pass to beneficiaries, whether a will is up to date, and whether any life insurance or other tools may help support beneficiaries or manage potential estate costs. These questions are often worth discussing with both a lawyer and a financial advisor.

Do I Have a Plan for Unexpected Events?

Even a well-built retirement plan can be affected by unexpected events such as market downturns, health issues, or needing to support a family member. Considering how you would respond to these scenarios, and whether any protection tools are appropriate, is a useful part of finalizing a retirement plan before you stop working.

Information on this website is general in nature and is provided for educational purposes only. It is not financial, insurance, investment, tax, or legal advice, and it does not constitute an offer or solicitation. Any strategy discussed should be reviewed against your own circumstances before you act.

Sam can help you explore financial and insurance considerations and coordinate conversations with your accountant or lawyer where appropriate. Tax advice and legal advice remain with those qualified professionals.

Published August 30, 2026 · Last reviewed August 30, 2026 · Reviewed by Sam Behroozian, Licensed Life Insurance & Financial Services Agent

Financial Planning Questions to Ask Before Retirement