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Let’s review your plan

There’s no magic number. What you’ll need will vary based on your projected fixed expenses and desired retirement lifestyle. By working with your IG Consultant to create an IG Living Plan, you can determine the income required for the retirement you envision. You’ll want to regularly review that number as your life evolves.

Unlike during their working years when many rely on their salary for income, retirees can expect to draw an income from multiple sources. These may include any combination of the Canada/Quebec Pension Plan, Old Age Security, your Registered Retirement Savings Plan (RRSP)/Registered Retirement Income Fund (RRIF), your Tax-Free Savings Account (TFSA), non-registered investment accounts, proceeds from a real estate sale, money in a savings account, an annuity or workplace pension income, and other savings.

Retiring early takes planning, an IG Consultant can work with you to look at your current retirement savings, forecasted income in retirement, and evaluate if it is possible for you to retire early.

Deciding when to take CPP comes to having a good understanding of your retirement cash flow and your anticipated income needs throughout your post-working years. You’ll also want to estimate how long you think you will live.