Retiring in Canada

Strategies and Solutions

Comfort. Security. Leisure. These are three common words often noted in discussions about ideal perceptions of retirement. While many individuals associate these words with what they are aiming for when they retire, the question is, are Canadians thinking about and planning for retirement in the most effective ways? The goals individuals have for retirement understandably vary, from travel to spending more time with family to buying a vacation property, but there are definite trends in how Canadians both view and prepare for retirement. To illustrate, consider the top results when searching “retiring in Canada” online: what are the best places to retire, how much will it cost to retire, and how much will CPP pay? While these are valid questions, they aren’t necessarily the most relevant and significant ones Canadians should be asking in order to successfully plan and achieve the retirement lifestyle they want.

In a 38-page report entitled, “Retiring in Canada”, RBC explored key aspects including planning, financial preparedness, and the fiscal and socio-economic factors that shape people’s concepts of a desirable retirement. In addition, they address important considerations pertaining to goals, timelines, unexpected factors and circumstances, strategies and solutions, and appropriate steps to help bridge the gap between expectations and actual experience. Recent RBC poll data is also used to illustrate where Canadians (the younger generation, pre-retirees, and retirees) currently are with their thinking processes around the topic of retirement and what it entails. Through this discussion, and with the use of extrapolated information from the RBC poll findings, the aim is to highlight how defining a clear retirement vision and then using specific strategies and solutions to customize a financial plan will help Canadians realize their ultimate retirement goals.

The report includes chapters on retirement income (projections vs. reality), having a retirement vision, sources of retirement income, expenses, investment management and estate-planning.  There are also 4 case studies to which you may be able to relate your own situation.

Given the limited space in this article, a full overview of the 38-page report is impractical. However, feel free to contact me for an emailed copy of the report, at or at (416) 842-3520.

The strategies, advice and technical content presented is provided for the general guidance and benefit of our clients, based on information that we believe to be accurate, but we cannot guarantee its accuracy or completeness. This presentation is not intended as nor does it constitute legal or tax advice. Clients should consult their own lawyer, accountant or other professional advisor when planning to implement a strategy. This will ensure that their own circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC WM FS”), a subsidiary of RBC Dominion Securities Inc. RBC WM FS is licensed as a financial services firm in the province of Quebec. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. * Member – Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ® Registered Trademark of Royal Bank of Canada. Used under licence. © 2014 Royal Bank of Canada. All rights reserved.

Categories: Financial Wellness & Advice