You've likely thought about what retirement will be like, but have you defined the details that will make up the next phases of your life? Now is the time to nail those down and identify your short- and long-term goals. Remember, retirement isn't an endgame; it's a full and active part of your life that could last a long time so you'll want to be as confident as you can - financially, emotionally and physically. We can work with you in the years and months leading up to this new stage. And when it comes time for the next journey to begin, we'll be there to help you continue planning for your future.
60 - First eligible for Canada Pension Plan (CPP) benefits - with reduced benefits
65 - Full retirement age for CPP
65 - Full retirement age for Old Age Security (OAS) benefits (born on or before March 31, 1958; full retirement age increases by one month for every two months following March from April 1, 1958 to January 31, 1962)
67 - Full retirement age for OAS benefits (born February 1,1962 or later)
70 - Maximum CPP and OAS benefits (or 60 months after full retirement age for OAS up to age 72)
71 - Must convert RRSP to RRIF or annuity before the end of the year you turn 71
72 - Required minimum distributions begin the year you turn 72
Now that you've thought about life after your career, it's time to think about how you'll pay for it all to ensure it lasts as long as you need it to.
70 per cent of retired Canadians did not stop working on the date they planned.
Among those Canadians who did not retire as planned, 41 per cent cited personal health as the primary reason for retiring earlier.Source: Ipsos Reid Poll, on behalf of Sun Life Financial, Oct. 21, 2014
Drawing down on assets in retirement doesn't mean you stop planning for the future.