RETIREMENT ACTION PLAN CHECKLIST
1. GETTING ORGANIZED: GATHER THE FOLLOWING FINANCIAL DATA
- Pension benefits statement, booklet, and documentation
- Most recent investments statements (RRSPs, TFSAs, LIRAs, RRIFs)
- Insurance documents, wills, and powers of attorney
- Canada Pension Plan (CPP) statement
- Debt statements: mortgages, lines of credit, credit cards and loans
2. HOW MUCH WILL YOU NEED? ESTIMATE LIFESTYLE EXPENSES
- Create a budget that addresses basic necessities, major expenses, travel, fun and leisure
- Make a list of your top 5 financial and lifestyle expenses
- Explore costs for health and long term care in your region
3. HOW WILL YOU FUND YOUR LIFESTYLE? OUTLINE INCOME SOURCES
- Assess the best time to access Government Benefits (CPP and OAS)
- Estimate your annual pension plan benefits (if applicable)
- Determine how much sustainable income your investments can produce annually
- Include other potential sources of income (part-time work, small business)
4. MAPPING OUT LONG TERM FINANCIAL PROJECTIONS
- Set your target retirement date
- Understand how much you need to save to reach your income goal
- Incorporate assumptions for inflation, investment returns and life expectancy
5. PUTTING IT ALL TOGETHER
- Have a clearly written plan in place, work with a Certified Financial Planner if you need assistance
- Have clear, long-term income and expense projections
- Have a clear understanding of how to utilize proactive tax planning opportunities
