Five questions to consider before retiring

Retirement can involve significant changes to your income, expenses, and investment needs. Before selecting a retirement date, consider the following questions:

1. What might my retirement expenses look like?

Consider both regular costs, and discretionary expenses such as travel, hobbies, and family support.

2. What income sources may be available?

Potential sources may include CPP, OAS, employer pensions, registered accounts, and other savings.

3. When should I apply for government benefits?

The timing of CPP and OAS can affect payment amounts. The appropriate timing depends on your circumstances, and should be reviewed using current government information.

4. How could withdrawals affect my taxable income?

Withdrawals from different account types may have different tax consequences. Your investment and tax advisors can help you consider possible approaches.

5. How might market changes affect my plan?

Your investment mix, anticipated withdrawals, and available liquidity are among the considerations to review when preparing for retirement.