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Are you looking to retire soon but feeling unsure about what to plan for or where your retirement income will come from? You’re not alone — transitioning from building your nest egg to drawing from it can feel like a big shift. The good news is, with the right structure in place, moving from growth to income doesn’t have to be complicated. In this article, we’ll walk through the key steps to take as you approach or enter retirement — from managing your income sources and taxes to finding balance in your investments. When you’re ready, reach out to Tara Downs Rocchetti, CFP®, to start building a plan that fits your lifestyle and retirement goals.  Planning for the Next Stage of LifeAs you approach or enter retirement, your financial focus shifts from saving to using the savings you’ve built. This stage, known as retirement income planning, involves figuring out how to turn various sources of income into a steady plan that supports your lifestyle and long-term goals. For many people this means thinking about practical questions such as:
These are personal decisions. There’s no one-size-fits-all formula, but understanding how each source of retirement income works and connects can help you make informed choices that fit your situation. Understanding the Sources of Retirement IncomeMost Canadians receive retirement income from three main sources: Government Benefits: Programs such as the Canada Pension Plan (CPP) and Old Age Security (OAS) provide basic income in retirement. CPP is funded through your contributions during your working years, while OAS is a government-funded benefit available to eligible seniors based on residency. Registered Savings: RRSPs are meant for saving during your working years, while RRIFs (Registered Retirement Income Funds) are used to access those savings during retirement. Both are tax-deferred, meaning you pay tax when the money is withdrawn rather than when it is earned. Other Income Sources: This may include employer pensions, non-registered investments, TFSAs, or income from business and real estate. Each source has different tax implications and levels of flexibility. Balancing these income streams can help you manage taxes, cash flow, and your overall financial plan throughout retirement. CPP and OAS: Deciding When to BeginCPP and OAS benefits form the backbone of retirement income for many Canadians, but deciding when to start these benefits can greatly influence the amount you receive. You can start CPP as early as age 60 or defer it until age 70. Starting earlier provides income sooner, but each month you delay increases your benefit amount. The right choice depends on factors such as your health, other sources of income, and your retirement goals. OAS can also be delayed up to age 70 for a higher monthly benefit. However, it is subject to a clawback if your income exceeds a certain limit, so it’s important to understand how it fits within your overall income plan. Working with a financial planner can help you explore different start dates, compare tax outcomes, and determine how to coordinate CPP and OAS with your other income sources.  Transitioning from RRSP to RRIFBy December 31 of the year you turn 71, you must convert RRSPs into retirement income option such as a RRIFs or annuity. A RRIF allows your investments to continue growing while you withdraw regular income, but it comes with required minimum withdrawals that increase with age. Each withdrawal is taxed as income, so your total tax bill will depend on your RRIF income, CPP, OAS, and any other income sources. Planning ahead can help avoid unintended increases in taxable income or the potential loss of certain benefits. Instead of only focusing on the mandatory minimum withdrawal, consider your broader goals, expected expenses, and overall tax situation. A certified financial planner can help create a flexible plan that meets your needs. Order of Withdrawals and Tax EfficiencyThe order in which you withdraw from different accounts can significantly affect your after- tax income over time. Some retirees choose to take modest amounts from their RRSPs or RRIFs before age 71 to manage their taxable income. Others prefer to withdraw from non-registered accounts first to preserve the growth of registered assets. TFSAs often serve as a valuable resource since withdrawals are tax-free and do not affect CPP or OAS. The best sequence depends on your tax bracket, investment mix, and goals. A financial planner can use projections to show you how each option impacts your taxes and retirement now and in the future. Planning Beyond the NumbersRetirement income planning involves more than just financial calculations. It’s also about how your goals and lifestyle change over time. For some, this stage of life brings chances to travel or spend more time with family. For others, it may involve caring for loved ones, relocating, or downsizing. Each decision affects spending needs, tax considerations, and how long your savings may need to last. Common Pitfalls to AvoidEven with good intentions, challenges can arise without a clear plan. Some common issues include:
FAQsWhen should I start CPP or OAS? It depends on your income needs, health, and other income sources. A planner can help weigh the pros and cons of early and delayed benefits. What happens when I convert my RRSP to a RRIF? Your investments stay in the registered account, but you must begin withdrawing a minimum amount each year, which counts as taxable income. How do taxes affect my retirement income? Each type of account—RRIF, TFSA, non-registered—has different tax effects. Planning withdrawals carefully can help manage taxes over time. What is the difference between RRSP, RRIF, and TFSA? RRSPs are meant for saving during your working years, RRIFs provide income in retirement, and TFSAs offer tax-free growth and withdrawals at any age. How can a financial planner help with retirement income planning? A planner can help you coordinate timing, taxes, and sustainability across your income sources and review your plan regularly as your goals change. Retirement income planning involves various factors. Understanding how CPP, OAS, RRIFs, and other assets work together can help you make informed choices for your future. If you live in Hamilton, Burlington, Oakville, Toronto or the surrounding regions and are getting ready to transition into retirement, consider reviewing your options with a Certified Financial Planner. Tara Downs Rocchetti, CFP®, offers personalized retirement planning services to help you gain clarity and confidence in your financial life. This article is for informational purposes only. Please consult a qualified certified financial planner for personalized recommendations.
 Working with a financial planner can be one of the most important decisions you make for your financial well-being. They help you make sense of your financial situation today and prepare for tomorrow’s goals. But how do you ensure you’re getting the most out of the process? This guide explores what financial planners do, what to consider before meeting one, how to choose the right professional, and the types of life events where planning becomes especially valuable. What Does a Financial Planner Do? At its core, a financial planner’s role is to create a roadmap for your money. This can include:
What Should I Think About Before Meeting a Financial Planner?It helps to reflect on a few areas before your first meeting:
What Should I Look at When Choosing a Financial Planner?Key factors to consider include:
 Major Life Change Considerations Financial planning often becomes most valuable during transitions such as:
The Benefits of Using a Financial PlannerWorking with a professional brings several benefits:
How to Prepare for Your First Meeting To get the most out of your first session, gather:
What Might You Ask For?During the planning process, you might ask a planner to:
Questions to Ask a Certified Financial PlannerTo make sure you’ve found the right fit, consider:
What to Consider for the Long Term Financial planning isn’t a one-time event. A strong relationship evolves as your life changes. Most people review plans annually or after big milestones. A good financial planner provides flexibility, perspective, and a process that grows with you. Getting the best out of a financial planner is about preparation, openness, and ongoing communication. By reflecting on your goals, choosing someone whose approach aligns with your values, you’ll ensure your plan continues to serve you over time.
Professionals like Tara Downs Rocchetti, CFP® provide financial planning with a focus on helping clients align money with life. Whether you’re preparing for retirement, managing a career change, or navigating family transitions, thoughtful planning can help you move forward with confidence. Moving from the U.S. to Canada is exciting—but it also means big changes to your financial life. A good cross-border plan helps you avoid stress and stay on track. This guide will walk you through the most important areas to plan for: Taxes: Plan AheadBoth the U.S. and Canada may ask for taxes after you move. To avoid confusion and extra costs:
Banking and Credit: Set Up New AccountsYour U.S. bank accounts may not work the same way in Canada. Before or right after you move:
Your HomeYou may be keeping your U.S. home, selling it, or buying a new one in Canada. It’s important to think through:
Insurance: Check Your CoverageSome U.S. insurance doesn’t work in Canada. Before you move, review:
Investments: Make a New PlanIf you have savings accounts or retirement plans in the U.S., they might not work the same in Canada. Make sure to:
When Should You Start?Start planning early—at least 6 months before you move. That gives you time to:
Final ThoughtsMoving to Canada is a big step, but it doesn’t have to be stressful. With the right plan, you can feel confident that your money, taxes, and insurance are set up the right way from day one.
If you're planning a move from the U.S. to Canada, now is the time to start. Reach out to speak with Tara Downs Rocchetti today. Financial planning isn't just for people nearing retirement—it's for anyone who wants to feel more confident and in control of their financial life. Whether you're saving for a major goal, managing a recent inheritance, or simply trying to make sense of your finances, a certified financial planner can help. In this post, we explore four of the most frequently asked questions about financial planning and what you can expect from the process. What is Financial Planning?Financial planning is the process of identifying your financial goals and creating a comprehensive, personalized strategy around them. It involves evaluating your income, expenses, assets, liabilities, and current financial position, and then mapping out a plan that supports your short- and long-term objectives. A solid financial plan typically addresses a range of areas, including:
Where Does the Financial Planning Process Start?The process always begins with you. A financial planner starts by getting to know you—your values, lifestyle, financial concerns, and long-term aspirations. This discovery phase is essential, because the most effective plans are rooted in what's meaningful to you. Once your goals are clear, the next steps typically include:
Why Should I Speak to a Financial Planner?There are many reasons to speak with a financial planner, but the most common one is peace of mind. When you work with a planner, you gain a clearer picture of your financial situation and a roadmap to help you make informed decisions. Here are a few specific benefits:
What Type of Information Does a Financial Planner Require? To provide personalized and actionable advice, a financial planner needs a full picture of your financial situation. That might sound daunting, but this information is crucial to building a plan that truly works for you. Here’s what you can expect to be asked:
The goal isn’t to overwhelm you—it’s to build a strategy based on facts, not assumptions. All of the information you provide is treated with the utmost confidentiality and professionalism. A Personalized Approach to Financial PlanningNot everyone has the same goals, challenges, or starting point. Some clients are just beginning to build wealth. Others are preparing to exit a business or manage a significant inheritance. Some are focused on legacy planning, while others are simply trying to make sure they can retire when they want to. That’s why I take a personalized approach to every financial plan. My goal is simple: your financial goals are my priority. Whether you’re looking for support in one specific area or need help tying everything together, I work with you to design a plan that fits your life and evolves as you do. Ready to Start?Financial planning doesn’t have to be complicated or intimidating. It starts with a
conversation—one that’s centered on you. If you’re ready to take the next step, book a meeting with me, Tara Downs Rocchetti, CFP®. Let’s build a plan that works for you—today and into the future. |
AuthorMy name is Tara Downs Rocchetti. I am a CERTIFIED FINANCIAL PLANNER® living in Hamilton, ON. 
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