When should I start planning my retirement income?

Ideally several years before you retire, though it's never too late. The earlier you start, the more options you have for timing your benefits and managing taxes.

Should I take CPP early?

It depends on your health, your other income and whether you need the money now. There's no one right answer, which is why we look at your full picture before you decide.

Do you manage investments?

We work with licensed portfolio managers for investment management, and we can arrange annuities and segregated funds directly. We stay your single point of contact so all the pieces fit together.

Will my TFSA withdrawals affect my OAS?

No. TFSA withdrawals aren't taxable income, so they don't count toward the income test that can reduce OAS. That's one reason TFSAs can be so useful in retirement.

Retirement Income Planning in Guelph & Ontario

Saving for retirement gets most of the attention. But the bigger question shows up the day the paycheques stop: how do you turn what you've saved into an income that lasts as long as you do? That's what retirement income planning is about.

Where your retirement paycheque comes from

Most Canadians draw retirement income from a mix of sources:

Government benefits: the Canada Pension Plan (CPP) and Old Age Security (OAS)
Workplace pensions, if you have one
RRSPs, which eventually become RRIFs or annuities
TFSAs and other savings and investments
For business owners, money held inside the company

Each one is taxed differently, starts at a different time and has its own rules. The order you draw from them can make a real difference to how much you keep.

Timing matters more than most people think

You can start CPP as early as 60 or as late as 70. Starting earlier means smaller payments for longer; waiting means larger payments later. OAS starts at 65 and can be deferred to 70 for higher payments, but it can be reduced if your income is above a certain level.

Your RRSP has to be converted by the end of the year you turn 71, and RRIFs come with minimum withdrawals every year. None of these decisions should be made on their own. Together, they decide your income, your taxes and how long your money lasts.

Turning savings into income you can count on

Some people want flexibility. Others want certainty: a set amount coming in every month, no matter what the markets do. Often the right answer is a bit of both.

Annuities can turn part of your savings into guaranteed income for life. Segregated funds can offer growth potential with guarantees on a portion of your deposits at maturity or death. We can arrange these directly. For investment management, we work alongside licensed portfolio managers so your whole plan fits together.

Protecting the plan

A good retirement plan also asks the uncomfortable questions. What happens if one of you needs long-term care? What happens to your RRIF or pension when you die? How much tax will your estate face? We'll help you think these through before they become urgent.

Frequently Asked Questions

Know where your retirement income will come from

Book a call and let's map it out together. My name is Trevor, and I'll help you turn a pile of accounts into a plan you actually understand.

Get a Free Quote Book a Call