Retirement
Retirement Planning Built Around Your Goals
Retirement planning generally refers to the process of estimating future income needs and organizing savings, government benefits, and other resources to help support your lifestyle once you reduce or stop working. It typically involves multiple potential income sources and should reflect your personal timeline and goals rather than a fixed formula.
The retirement journey
Today, Accumulation, Transition, Retirement, Legacy
Retirement planning spans decades. Follow the curve to see what usually matters at each point.
Step 1 · Today
What is already in place: registered accounts, pensions, property, and expected government benefits.
General framework only — not a personalised retirement projection.
Conceptual chart
Emphasis Shifts From Saving to Income
Hover or tap a phase to see how the balance between accumulating and drawing income typically changes.
Conceptual chart
Accumulating vs. drawing income
- Accumulating
- Drawing income
Early career
Long horizon, smaller balances. Habit and time do most of the work.
Conceptual illustration of relative emphasis only. It is not a projection of your savings, income, or retirement outcome.
Who may consider this?
- Individuals in their 40s, 50s, or 60s who have not recently reviewed their retirement outlook
- People with a workplace pension who want to understand how it fits with other income sources
- Self-employed individuals without an employer-sponsored retirement plan
- Couples coordinating retirement timing and income between two people
- Individuals approaching retirement within the next several years
- Anyone concerned about how long their savings may need to last
Why does it matter?
Retirement in Canada often involves several potential income sources, including government benefits, workplace pensions, and personal savings, each with different rules, timing options, and tax treatment. Without a plan that brings these pieces together, it can be difficult to know whether current savings and expected income sources are aligned with a desired retirement lifestyle, and outcomes will vary by individual.
What should I consider?
- At what age would you like to retire, and is that timeline realistic given your current savings?
- What government benefits, such as CPP and OAS, do you expect to receive, and when might you start them?
- Do you have a workplace pension, and do you understand how it is structured?
- How much have you saved in RRSPs, TFSAs, and non-registered accounts?
- What do you expect your expenses to look like in retirement compared to today?
- How might inflation and unexpected costs, such as health care, affect your plan?
- Do you have a plan for how income will be drawn from different accounts in a tax-aware way?
- How would your plan be affected if you or a spouse needed care later in retirement?
Go deeper
Understanding your potential retirement income sources
Retirement income in Canada often comes from a combination of sources, and understanding each one generally is a useful starting point. These commonly include the Canada Pension Plan (CPP), Old Age Security (OAS), workplace pensions where applicable, personal registered savings such as RRSPs and RRIFs, TFSAs, and non-registered investments. Each has different rules around timing, taxation, and how benefits are calculated.
- CPP: a government benefit based on your contributions during your working years
- OAS: a government benefit generally based on years of Canadian residency
- Workplace pensions: defined benefit or defined contribution plans, where applicable
- RRSP/RRIF: registered personal savings, generally taxed when withdrawn
- TFSA: registered savings that generally grow and can be withdrawn tax-free
- Non-registered savings: additional personal investments outside registered accounts
Lifestyle and longevity considerations
Retirement planning generally involves thinking through what kind of lifestyle you expect and how long your resources may need to last, given that life expectancy varies by individual. Some people plan for a fairly stable retirement budget, while others expect spending to change over different phases of retirement. There is no universal answer, and personal health, family history, and goals all play a role.
Timing decisions before and during retirement
Decisions such as when to start CPP or OAS, when to retire, and how to draw down different accounts can have a meaningful effect on overall retirement income and taxes over time. These decisions are generally interconnected, so reviewing them together, rather than individually, may help avoid unintended consequences.
Tax and estate considerations in retirement
The order and manner in which retirement income is drawn from different accounts can affect the amount of tax paid over time, though specific strategies depend on individual circumstances and current legislation. Retirement planning may also intersect with estate planning, particularly regarding how registered accounts and other assets are eventually transferred.
Protecting your retirement plan
A retirement plan built around expected income and expenses can be affected by unexpected events, such as a health issue or the loss of a spouse. Reviewing protection needs, such as life insurance or health-related coverage, alongside a retirement income plan is one way some people try to build in additional stability.
Saving for Retirement vs. Creating Retirement Income
These two phases of retirement planning generally involve different priorities and considerations.
| Consideration | Saving for retirement | Creating retirement income |
|---|---|---|
| Primary focus | Growing savings over time | Converting savings into sustainable income |
| Time horizon | Often long-term, before retirement | Ongoing, throughout retirement |
| Key accounts | RRSP, TFSA, workplace plans, non-registered | RRIF, government benefits, pensions, TFSA, non-registered |
| Main questions | How much to save, and where | How much to withdraw, and in what order |
| Risk considerations | Growth potential vs. volatility over time | Longevity risk and managing withdrawals |
| Tax focus | Contribution-related tax considerations | Withdrawal and income-related tax considerations |
Important to know
- Government benefit amounts, eligibility, and rules are subject to change and depend on individual circumstances.
- This content is educational and does not guarantee any specific retirement income or outcome.
Last reviewed: August 30, 2026 · Reviewed by Sam Behroozian, Licensed Life Insurance & Financial Services Agent
Retirement building blocks
The Pieces That Produce Retirement Income
Registered savings
RRSPs, TFSAs, and similar accounts each carry different contribution and withdrawal treatment.
Guaranteed income
Government benefits, pensions, and annuity-style options that pay regardless of market conditions.
Personal assets
Non-registered investments, business value, and property that may support retirement income.
Longevity
Planning for a retirement that may last thirty years or more, not an average life expectancy.
Answers
Common questions about retirement planning
Direct answers first, with the context that matters before any decision is made.
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