Already planning for retirement? 
Let’s review your plan

46% of Canadians actively update their financial plans*

You are in the accumulation phase of retirement, which means you still have time to grow your assets and meet your financial goals. Consider reviewing your monthly contributions to your RRSP or TFSA, if you haven’t already, and create an IG Living Plan, a comprehensive financial plan that adapts and changes with your life.

As you start to plan for retirement, here are some important questions for you to consider.

How much income do I need for the retirement I want?

There’s no magic number. What you’ll need will vary based on your projected fixed expenses and desired retirement lifestyle. By working with your IG advisor to create an IG Living Plan, you can determine the income required for the retirement you envision. You’ll want to regularly review that number as your life evolves.

What are the different sources of income I can draw on in retirement?

Unlike during their working years when many rely on their salary for income, retirees can expect to draw an income from multiple sources. These may include any combination of the Canada/Quebec Pension Plan, Old Age Security, your Registered Retirement Savings Plan (RRSP)/Registered Retirement Income Fund (RRIF), your Tax-Free Savings Account (TFSA), non-registered investment accounts, proceeds from a real estate sale, money in a savings account, an annuity or workplace pension income and other savings.

How does CPP work, and when should I take it?

Deciding when to take CPP comes to having a good understanding of your retirement cash flow and your anticipated income needs throughout your post-working years. You’ll also want to estimate how long you think you will live.

Do you know what income you need in retirement?

Retiring early takes planning, an IG advisor can work with you to look at your current retirement savings, forecasted income in retirement and evaluate if it is possible for you to retire early.

Speak with an IG advisor to find out.