You spend a good deal of time and money preparing for your retirement and it is a phase you should enter with confidence. Here are few steps to help you plan your retirement.

Step 1- Determine your spending needs

Your retirement budget is very much the budget you already have, however, in place of work expenses linked to such things as daily commuting and business clothes, you will now likely spend more on leisure activities such as travel and hobbies.

As a general rule of thumb, financial planners usually suggest that 70% of your pre-retirement spending will continue in retirement if you maintain the same lifestyle.

Step 2- Determine where your income will come from

You and your spouse may be eligible to receive a number of benefits such as Canada/Quebec Pension Plan, Old Age Security, Guaranteed Income Supplement, Defined Benefit Pensions, Deferred Annuity from previous employment and other sources of income.

Step 3 - Determine the difference between income and spending

Compare your projected monthly spending (Step 1) to income you have identified (Step 2) and determine how much income you need to draw from the assets you accumulated in your retirement plans.

Step 4 - Determine the best way to get money out of your Group Retirement Plan

A number of choices regarding what you can do with the money in your RRSP or Pension Plan are available. The best choice for you, however, depends on your personal circumstances and preferences.

We want you to make an informed choice - a choice that matches the available options to your needs.

» Access the Retirement Income Illustrator allows you to take advantage of the options best suited to your needs to either project your Retirement Income or review the various options available to you based on your plan type.