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Planning for retirement can feel both exciting and overwhelming. After years of saving, investing, and working toward your goals, the transition to retirement represents a major life shift: one that’s not just financial, but emotional and practical as well. Whether you’re five years away or already retired, having a comprehensive checklist can help ensure nothing falls through the cracks. This guide outlines the key steps for Canadians to take before and during retirement so you can approach your next chapter with clarity and confidence. Understanding the Two Stages of Planning Retirement Planning typically happens in two stages:
strategies for each.  Step 1: Clarify Your Vision for RetirementRetirement means something different for everyone. Some imagine travel or leisure, while others look forward to volunteer work, a part-time role, or more time with family. Understanding your vision will shape your financial needs. Ask yourself what an ideal day in retirement looks like, where you want to live, and how much flexibility you want in your lifestyle and spending. Once you have a clear vision, it becomes easier to design a plan that aligns with it. Step 2: Estimate Your Retirement Income NeedsA common rule of thumb suggests you’ll need about 70–80% of your pre-retirement income to maintain your lifestyle. However, the exact number depends on your unique circumstances. Consider basic living expenses, discretionary spending, healthcare costs not covered by provincial plans, and taxes or inflation. A Certified Financial Planner® can help model various scenarios to ensure your income aligns with your goals. Step 3: Review All Sources of Retirement IncomeRetirement income often comes from multiple sources. Review the following to ensure your projections are accurate: government benefits (CPP, OAS), employer pensions, personal savings, RRSPs, TFSAs, non-registered investments, and other income (rental properties, part-time work, or business income). Understanding how these work together, and how they’re taxed, is key to maximizing your income. Step 4: Optimize Your RRSP and TFSA StrategiesYour RRSP and TFSA remain vital tools leading up to and throughout retirement. In your final working years, review your RRSP and TFSA contributions. Consider a spousal RRSP if your partner earns less, balancing future taxable income. An optimal mix of RRSPs and TFSAs can help create flexible income streams in retirement. Step 5: Plan for the RRSP-to-RRIF TransitionBy the end of the year you turn 71, your RRSP must be converted to a Registered Retirement Income Fund (RRIF) or an annuity. RRIFs require annual withdrawals that count as taxable income. Planning this transition ahead of time helps control your tax rate by timing withdrawals strategically, avoid unnecessary clawbacks of OAS, and coordinate with TFSA withdrawals to manage total taxable income. A financial planner can help you determine the best sequence of withdrawals to stretch your savings further.  Step 6: Create a Withdrawal StrategyThe order in which you draw from various accounts can significantly impact how long your money lasts. A coordinated withdrawal plan can help manage taxes. Common strategies include drawing from non-registered accounts first, using TFSA withdrawals for tax-free supplemental income, and coordinating RRIF withdrawals with CPP and OAS to smooth taxable income over time. Step 7: Review and Adjust Your Investment MixAs retirement approaches, it’s important to reduce risk without sacrificing growth. Your investment strategy should balance safety with long-term sustainability. Consider gradual shifts in your investment strategy and ensuring your portfolio supports your withdrawal needs and inflation protection. Remember: you may spend 30 years or more in retirement, so your money needs to support you. Step 8: Evaluate Health and Insurance CoverageHealthcare is often one of the most underestimated expenses in retirement. Review health, dental, and prescription coverage (especially if losing employer benefits), long-term care insurance options, and life and disability insurance. Having appropriate coverage in place helps protect your assets from unexpected medical costs. Step 9: Factor in Inflation and LongevityWith Canadians living longer than ever, planning for 30+ years of retirement income is essential. Inflation also erodes purchasing power over time, meaning your money must keep working even after you stop. Step 10: Build a Retirement Spending PlanA spending plan turns your retirement savings into an actionable strategy. Rather than withdrawing at random, map out a predictable structure. Categorize your spending into essential (housing, food, utilities, insurance), lifestyle (travel, dining, hobbies), and legacy (gifting, charitable giving, or supporting loved ones). This approach ensures you prioritize what matters most while keeping your savings sustainable. Step 11: Prepare Emotionally for the TransitionWhile financial readiness is key, emotional readiness is equally important. Retirement can bring new freedom, but also uncertainty or loss of structure. Planning your days, not just your finances, helps create a fulfilling life after work. Think about how you’ll stay active, engaged, and connected. Many retirees find joy in volunteering, mentoring, or part-time consulting. A clear sense of purpose contributes as much to well-being as financial security does. Step 12: Schedule Regular Financial ReviewsRetirement planning is not a one-time event. Life, markets, and personal goals all change. Reviewing your plan annually ensures it remains aligned with your evolving needs. Use each review to check progress on your goals, adjust for market performance or lifestyle shifts, and update tax, insurance, and more. Working with a financial planner helps you make proactive adjustments rather than reactive decisions. Step 13: Prepare for the UnexpectedEven the best retirement plans face surprises: market downturns, health challenges, or unexpected expenses. Building flexibility into your plan allows you to adapt. Flexibility and preparedness are your best defenses against uncertainty. Step 14: Celebrate Milestones Along the WayRetirement planning isn’t just about reaching a finish line, it’s about celebrating the
journey. Acknowledge each milestone, whether it’s paying off debt, reaching a savings target, or completing your first year of retirement. Taking time to recognize progress helps keep you motivated and confident as you transition into the next phase of life. Wherever you are on the path to retirement, working with a Certified Financial Planner® can help you clarify your goals, simplify your decisions, and create a strategy that grows with you. This article is for informational purposes only. Please consult a qualified certified financial planner for personalized recommendations. Are you approaching retirement and wondering what life will look like once the working chapter winds down? It’s easy to focus on the financial side — your RRSPs, income sources, and tax strategies — but what often matters most is how you’ll actually live day to day. Retirement is about more than leaving work behind. It’s about rediscovering what gives you purpose, how you want to spend your time, and how to make your money support the life you envision. Whether you see this as a season of exploration, connection, or slowing down, the transition can feel more meaningful when you plan for both the lifestyle and your finances.  Redefining What Retirement Means to YouThe first step is imagining what your ideal retirement looks like — and being honest about how you want to spend your days. For some, that means travel and freedom. For others, it’s time with grandchildren, creative hobbies, or simply having slower mornings at home. If you’re married or common law, it’s also common for couples to have different expectations. One partner might dream of winters abroad while the other can’t imagine leaving family for long. Having that conversation early helps ensure you plan for a lifestyle that feels right for both of you. Choosing Where and How You’ll LiveWhere you live shapes how you experience retirement. Some people feel deeply rooted in their homes and communities, while others are ready to simplify, downsize, or move closer to family. If you’re considering a move, try to picture daily life there rather than just the idea of it. Would you be near friends or family? Is it easy to get around? What would your support network look like if your health changed? Housing and community choices are often closely tied to your financial plan. While the decision is emotional, a financial planner can help you understand what each scenario means for your overall plan, whether you’re staying put, buying a cottage, or exploring living abroad. Staying Active, and IndependentOne of the greatest gifts of retirement is time, but how you fill it matters. Staying physically active, mentally stimulated, and socially connected has as much impact on long-term well- being as any financial decision. Consider what keeps you engaged: joining a club, volunteering, mentoring younger professionals, or picking up a hobby that’s been on the back burner. Routine and purpose can help keep your days meaningful. Health also plays a role in how you live out your retirement years. Taking care of yourself today and planning for what might change tomorrow can build confidence and independence. If you’re wondering how insurance fits into the picture, you can reach out to explore your insurance options. Work, Purpose, and Giving BackNot everyone wants to stop working entirely. For some, continuing in a lighter capacity provides purpose, social interaction, and even structure during the week. Others find fulfillment through volunteer work, mentoring, or supporting causes close to their heart. Retirement gives you the freedom to decide how you want to spend your energy, whether that’s paid work, giving back, or simply exploring new interests. Many people describe their happiest years as those when they strike the right balance between relaxation and contribution. If you’re thinking about a phased approach or self-employment after retirement, you might find it valuable to reach out about my financial planning services for business owners. Relationships, Family, and the Legacy You Want to LeaveRetirement can also shift your relationships — with your spouse, family, and friends. You may be spending more time together, which can be both rewarding and challenging. Open communication about how each of you envisions this stage can help you find shared rhythms that work. Many retirees also think more deeply about legacy: what values they want to pass down, how they’d like to support their children or grandchildren, or which causes reflect their life’s priorities. These are meaningful conversations to have early, and they often lead to new clarity about what 'enough' really looks like. If you’re beginning to explore estate planning or charitable giving, my financial planning and retirement planning services can help you understand where those fit into your broader strategy. Adapting Through the Stages of RetirementRetirement isn’t one static period; it’s a series of evolving stages. The early years often bring energy, travel, and curiosity. Later years might focus more on stability, community, and comfort. Eventually, attention turns to health, simplicity, and support systems. Recognizing these transitions helps you plan more naturally. You might want to travel or renovate your home in your early years while you’re most active, then shift to local pursuits or family time later on. The goal isn’t to predict every phase perfectly, but to build flexibility into your plan so your finances and lifestyle can adjust as you do. A fulfilling retirement blends preparation with curiosity. Taxes, income planning, and investment decisions all play an important supporting role - you can read more about those in the post How to Get the Most Out of Working with a Financial Planner, but at the heart of it, retirement is about creating the life you want to live. When you’re ready to create a plan that connects your money to your lifestyle out to Tara Downs Rocchetti, CFP®, to learn more about your options. This article is for informational purposes only. Please consult a qualified certified financial planner for personalized recommendations.
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.
 Retirement planning for professionals isn’t always straightforward. Whether you're in real estate, tech, healthcare, engineering, or IT, your income patterns, tax situation, and career path all affect how you should prepare for retirement. Yet many professionals delay retirement planning until late in their careers—missing valuable opportunities for tax savings, growth, and flexibility. This guide explores how professionals from different industries can build a retirement strategy that works for their lifestyle, income, and long-term goals. Why Do Professionals Need a Tailored Retirement Plan?Many professionals face career-specific challenges:
What’s the Best Retirement Plan for Real Estate Professionals?Real estate agents typically earn commission-based income, which can fluctuate dramatically. Consider:
How Should Tech and IT Professionals Plan for Retirement?Many in tech receive compensation through stock options. A few key considerations include:
What Should Engineers Consider When Planning for Retirement?Engineers often have access to defined benefit pension plans, especially in the public sector. Those in private industry or consulting may not. Regardless:
What Are the Best Retirement Strategies for Medical and Healthcare Professionals?Doctors and healthcare practitioners often enter the workforce later due to years of education and training. Many are also incorporated. Here's what to consider:
Retirement planningSeniors for professionals is not about guessing when you’ll stop working. It’s about building flexibility and security into your future—whether you retire at 55, 65, or never fully stop. If you’re in a demanding or non-traditional profession, the right retirement strategy can make all the difference. Ready to get started? Learn more about my retirement planning and financial planning services.
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AuthorMy name is Tara Downs Rocchetti. I am a CERTIFIED FINANCIAL PLANNER® living in Hamilton, ON. 
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