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 Retirement Planning in Canada: Tips for Securing Your Financial Future
Wealth planning

Retirement planning

What are you doing after work? Living the retirement of your dreams starts with a plan.

Plan now so you can relax later

Planning for retirement is essential to ensure a financially secure future, particularly as Canadians are living longer. To achieve a comfortable retirement, it's important to understand your financial needs and goals, identify potential sources of income, and develop a plan to save and invest wisely.

In Canada, you can take advantage of government programs, employer-sponsored plans, and your own savings to help you live your best life in retirement. Your advisor can guide you through the complexities and keep you informed as programs and rules are updated.

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Tips for retirement planning:

  • Start early
  • Determine your retirement income
  • Use government programs
  • Consider employer-sponsored plans
  • Diversify your retirement portfolio
  • Plan for retirement expenses

Try our retirement calculator to help you plan.

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6 steps to your retirement plan

Retirement planning is an essential part of your overall financial plan. It can seem overwhelming at times, but your advisor can help break the process down into manageable steps and explain everything so you can make well-informed decisions. These six steps will help you get the right strategies and tools in place so you can enjoy a financially secure future.


Start today

It’s never too early or too late to start planning for your retirement. With more time, you can get the most benefit from compounding returns and grow a larger nest egg. But even if you’re in your 50s or 60s, planning can help you build wealth and achieve your financial goals.

Work out how much income you need

What will life cost once you’ve retired? Some expenses like commuting and drycleaning may drop. Others like travel and healthcare may rise. Online calculators and your advisor can help you figure out what amount of income will meet your needs.

Use government programs

When the government offers you money, don’t leave it on the table! Often, programs like the CPP and OAS will be the foundation of your retirement income. Add to them by contributing to registered plans like RRSPs and TFSAs to get tax-deferred or tax-free investment growth.

Maximize employer-sponsored plans

Does your employer offer an RPP or Group RRSP? Take advantage of it, especially if your employer matches your contributions. That’s more free money you can put towards your retirement.

Diversify your retirement portfolio

Holding a diversified mix of stocks, bonds, and other types of assets helps to minimize risk and maximize returns. This gives your investments the best chance at a smoother ride, allowing you to have more money to spend in retirement.

Prepare for the unexpected

Don’t let surprise costs derail your retirement plan. Critical illness, long-term care, and other forms of insurance can help safeguard your savings so you have enough money to last for life.

Work with a wealth advisor

Wealth planning

Work with a Wealth Advisor

Whether you’ve been building your investment portfolio for years, or you’re just getting started, there’s more to a wealth plan than putting money away for retirement. We’re here to help.

Retirement planning
and insurance are interconnected

Insurance protects savings from unforeseen circumstances, and retirement savings provide income beyond insurance benefits. A complete retirement plan should factor in insurance for financial security.

Learn more

Prospera Insurance Agencies Ltd. provides life, disability, and critical illness insurance, annuities, and full business solutions such as group benefit plans, succession planning, and business owner insurance.

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