Retirement is an exciting time as schedules become more flexible and there’s greater focus on enjoying life on your own terms.

You’ll face many decisions as you contemplate retirement, including when’s the right time. Many factors come into play, such as age, personal health, satisfaction with work, family considerations and financial well-being.

Regarding finances, it’s crucial to ensure you can fund the retirement you want and deserve. Common sources of retirement income include a workplace pension, personal savings and investments, and RRSPs that convert to a RRIF or annuity no later than December 31 of the year you turn 71.

Canada Pension Plan (CPP) and Old Age Security (OAS) also provide income for retirees. While OAS payments typically begin when you turn 65, you have more options with CPP. The standard age for CPP is 65, but you may choose to start receiving payments as young as 60. However, the trade-off is a reduced monthly benefit calculated according to when payments begin. Conversely, if you have the financial means to wait until after age 65 (up to 70), you’ll receive higher monthly CPP benefits. Many company pension plans also have different factors to consider when you approach retirement age.

We can walk you through your options for retirement income and how to access the various forms of pension income that may help fund a rewarding and satisfying retirement.

Are you ready to start planning your dream retirement? Let’s schedule a date and time to discuss your goals and aspirations. Together, we can create a plan that motivates you and gets you excited about your retirement. Don’t wait any longer to start living the life you’ve always dreamed of!