Three to five years before retirement
Review investment portfolio – Revisit your investment strategy and consider shifting to more conservative or lower-risk investments.
Understand your plan – Learn how plan rules and government legislation affect withdrawals of your retirement savings.
Re-evaluate lifestyle needs – List possible lifestyle changes you’ll encounter at retirement. Consider things like travel, part-time work or downsizing to a new home.
Estimate living expenses – Track your current spending. Use this information to estimate retirement income needs and develop a realistic budget – don’t forget about inflation.
Estimate retirement income – Write down all your potential income sources. Remember that personal savings, company retirement plans and government benefits will determine retirement income.
One year to go
Verify pension eligibility – Contact your retirement savings plan provider or your HR department to ensure you fulfill age requirements for receiving company or government pensions.
Think about estate planning – Review your will, powers of attorney along with any succession and investment plans.
Six months to go
Update beneficiary information – Contact your benefits administrator to ensure your company pension plan and personal savings plans have updated beneficiaries. If you’re a member of a Canada Life administered group retirement and savings plan, you can check your beneficiary by signing in to GRS AccessOpens a new website in a new window - Opens in a new window.
Apply for government benefits – Call Service Canada at 1-800-277-9914 to verify your eligibility for Canada Pension Plan (CPP) and Old Age Security (OAS) benefits or visit www.servicecanada.gc.caOpens a new website in a new window - Opens in a new window; for Quebec Pension Plan (QPP), call 1-800-463-5185 or visit www.rrq.gouv.qc.caOpens a new website in a new window - Opens in a new window.
Apply for company pensions – Contact your benefits administrator to let him/her know when you’d like to start receiving pension payments.