Your retirement financial checklist
Take steps to manage your financial well-being. Use the checklist below to help.
| Your retirement financial checklist: | Done Y/N? | Follow-up date? |
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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. |
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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. |
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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. |
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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. |
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5. Consider what might happen to your pension if you continue to work |
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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. |
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7. Protect yourself and the people you love against financial fraud and abuse Read: |
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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. |
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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. |
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10. Consider where you will live when you retire and how much it will cost |
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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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