Know when you can retire, and what you'll live on

What retirement planning is

Retirement planning answers two questions: when you can afford to stop working, and how your savings will pay for the years that follow. It brings together personal savings such as RRSPs and TFSAs, any workplace pension, and government benefits such as the Canada Pension Plan and Old Age Security.

Who it can help

It is most valuable in the ten to fifteen years before retirement, when there is still time to adjust saving and working plans. It also helps people who have already retired and want to check that their withdrawals are sustainable.

Questions it helps answer

• At what age can I realistically retire?
• How much can I spend each year without running out?
• In what order should I draw from my RRSP or RRIF, TFSA and other savings?
• When should I start CPP and OAS?

What to consider

Retirement can last thirty years or more. Inflation, health costs, market returns and the timing of withdrawals all affect how far savings go. Decisions such as when to start CPP are hard to reverse, so they deserve careful comparison.

Limits and risks

Any retirement projection depends on assumptions about returns, inflation and how long you will live. Markets can fall, and benefits rules can change. A plan reduces uncertainty; it cannot eliminate it. We show you the assumptions we use so you can judge them for yourself.

How Neyos helps

We build a retirement income plan from your actual savings, pensions and expected benefits, and test it against less favourable scenarios. You receive a written plan showing when you can retire, a sustainable income range, and the order in which to draw on each source. We review it with you regularly, and whenever your circumstances change.