Like many of us, you may already be saving money for your retirement or are looking to do so soon. But do you know how much money you’ll need to set aside?
Various tools are available to help you prepare or review your retirement planning strategy. These tools will help you evaluate:
- The amount that you could save until you retire (calculator available in French only).
- The amount that you should save to achieve your financial goals at retirement.
- The impact of fees on the returns you could earn (calculator available in French only).
- How an increase or decrease in mortgage rates could affect your budget.
Knowing yourself in order to plan better
Knowing yourself and the kind of lifestyle you want is important when planning for your retirement. Choose the representative that’s right for you. He or she will be able to guide you toward investments that suit your financial circumstances and retirement goals. Talk to your representative about such options as:
- RRSP: When you contribute to an RRSP, you reduce your annual taxable income by a corresponding amount and generally receive a tax deduction.
- TFSA: Amounts invested in a TFSA can grow tax-free and you can withdraw them at any time, without tax consequences.
- VRSP: A VRSP helps certain employees contribute for their retirement via payroll deductions.
- Annuity: An annuity allows you to receive a regular amount over a fixed period of time or for the duration of your retirement.
If you’re thinking about managing all or part of your investment portfolio on your own, make sure you have the skills and the time needed to ensure you’re successful.
Seeking assistance for the management of your affairs
Anticipating the loss of cognitive or other abilities must be considered in the financial planning for retirement. The guide Trust must be earned! (pdf - 1 MB)This link will open in a new window is a good starting point to help you plan ahead… with peace of mind. If you're about to seek assistance for the management of your affairs, this guide is also for you. It will help you choose a professional and avoid misunderstandings when assigning a mandate and giving a power of attorney.
Documentation and tools
- Guide to Financial Planning for Retirement – 2016-2017 Edition (pdf - 2 MB)This link will open in a new window Updated on 28 September 2016
- Inflation and Life Expectancy: A Dangerous Combination for Your Retirement? (pdf - 803 KB)This link will open in a new window Updated on 30 August 2010
- Benefit from the HBP while staying on course for retirement! (pdf - 1 MB)This link will open in a new window Updated on 29 April 2011
- Investing to Optimize retirement income (pdf - 7 MB)This link will open in a new window Updated on 14 November 2011
- Mieux investir pour accumuler davantage en vue de la retraite (In French only) (pdf - 1 MB)This link will open in a new window Updated on 5 February 2016
- Choosing Investments! (pdf - 6 MB)This link will open in a new window Updated on 6 October 2016
- Reviewing Your Personal Finances (pdf - 5 MB)This link will open in a new window Updated on 14 June 2016
- Trust must be earned! (pdf - 1 MB)This link will open in a new window Updated on 15 September 2014