Your retirement financial checklist

From: Financial Consumer Agency of Canada

Take steps to manage your financial well-being. Use the checklist below to help.

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1. Update your budget as a retiree

Your spending habits and expenses may be different than they were before you retired. It’s important to regularly review your budget as your needs and lifestyle change.

Get tips on budgeting during retirement.

2. Decide when to apply for public pension benefits

Most Canadian seniors and retirees are eligible to receive income from Old Age Security (OAS) and the Canada Pension Plan (CPP) or the Quebec Pension Plan (QPP).

Lower income seniors may qualify for the Guaranteed Income Supplement (GIS).

The age at which you apply can affect how much you get.

Find out more about public pensions.

3. Consider the tax credits you may be eligible for

You may be eligible for tax credits even if you’re getting a public pension.

Find out about tax credits for seniors for which you may be eligible.

4. Review and update your insurance coverage to make sure it meets your current and future needs

You may need to check your insurance coverage in retirement to make sure that it suits your current needs and lifestyle.

Find out more about the different types of insurance.

5. Consider what might happen to your pension if you continue to work

Learn about working while collecting a pension.

6. Consider pension income splitting and/or pension sharing with your spouse or common-law partner to minimize the amount of tax you have to pay in retirement

Pension income splitting may lower the amount of tax you have to pay.

Find out about pension income splitting.

You may be able to share your CPP retirement benefits, which may result in tax savings. This is called pension sharing.

Find out about pension sharing.

7. Protect yourself and the people you love against financial fraud and abuse

Read:

8. Plan for a possible loss of financial independence

At some point, you may become mentally or physically unable to manage your own finances. You may need to give somebody Power of Attorney to manage your money for you.

Find out about giving Power of Attorney.

9. Make or update your will

Making a will is a good way to make sure that your wishes are honoured after your death. It’s a good idea to get professional legal help when preparing a will to make sure all your documents are prepared and witnessed properly.

Find out about making a will and planning your estate.

10. Consider where you will live when you retire and how much it will cost

Find out about housing options for seniors.

11. Consider the costs of living or travelling outside of Canada when you retire

There may be financial implications of travelling outside of Canada for long periods of time after you retire. This may include tax, benefits or insurance implications.

Find out about living and travelling abroad when you retire.

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