People who live in Collingwood, Thornbury and The Blue Mountains tend to ask me the same handful of questions in the few years before they stop working. Here they are, with plain answers.

How do I know if I have enough to retire?

The answer comes from a written plan, not a rule of thumb. It starts with what you actually spend, adds the income you can count on, such as CPP, OAS and any pension, and then tests whether your savings can cover the gap for as long as you may need them to. The plan should hold up in poor markets and through higher inflation, not only in the average case.

When should I take CPP and OAS?

You can start CPP as early as 60 or as late as 70, and OAS between 65 and 70. Starting later means a larger monthly amount for life. The right timing depends on your health, your other income, your spouse's situation and your tax bracket, so it is worth running the numbers both ways before you apply.

Which accounts should I draw from first?

Most retirees have some mix of RRSPs or RRIFs, TFSAs and non-registered savings, and each is taxed differently. The order you draw them in can change how much tax you pay over your lifetime and whether your OAS is reduced. There is no single correct order. It is worked out for each household.

I own a second property. Does that change the plan?

Often, yes. Many households here own a cottage, a chalet or a rental property, and a property that is not your principal residence can carry a large tax bill when it is sold or passed on. That belongs in the retirement plan alongside your investments.

Do I need to meet in person?

No. My office is in Collingwood and I am glad to meet there, at your home or at your local CIBC branch. Many clients across Canada work with me entirely by video and phone.

What does a first conversation look like?

It is a 20-minute call. You tell me where you are and what you are trying to decide, and I tell you whether I think I can help. There is no cost and no obligation.

Fraser Willson, CFP, CIM | Senior Wealth Advisor | CIBC Wood
Gundy | Collingwood | Fraser.Willson@cibc.com | (647) 588-4344