If you’re one of the millions of Canadians approaching retirement, there are some strategic decisions you’ll need to make so that you can make the most of the features designed into Canada’s retirement programs.

How can I plan for a retirement income? Start by asking yourself these four questions:

1. What will my advisor do to help me create a smart retirement income plan?

You’ve probably heard lots of advice about investing over the years. With retirement on the horizon, you need to disassemble your hard-earned assets and figure out what is best for you.

An advisor can help you understand the difference between retirement planning and retirement income planning. There are tax implications and other things to consider, so you need to take your money out in the smartest way possible. This means you need to work with someone who can help you with retirement income planning.

2. In what order should I access my retirement savings?

Your retirement sources of income are your RRSP, pension, Canada Pension Plan (CPP), TFSA, or other savings.

It’s important to determine when and how to access these savings to get the most from your retirement fund. Like a combination lock, you need more than just the numbers, you need the right sequence. Your financial advisor can help you determine the best sequence to layer all of your sources of income, which ones to take now and which ones to defer are all major decisions that need to be considered for a successful Retirement.  

3. What if the markets are down when I want to draw retirement income?

Your retirement is coming, no matter what happens in the market. To ensure that you can take money from your retirement fund without locking in market losses, it may make sense to set up a one-to-two-year cash wedge. That means part of your savings is invested in a cash asset that won’t be affected by the ebb-and flow of the market.

4. Do I really need a formal financial plan?

A well-thought-out guide for how you will pay yourself in retirement is essential. A written financial plan is a map for planning ahead and staying on track, even if you need to make occasional changes to account for life’s twists and turns.

It’s never too early to begin thinking about what you want your future to look like. Speak with a member of Kindred’s Wealth and Investment Team today to start your retirement income plan, so you can retire with confidence. You can ask us anything!


*Mutual funds are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc). Mutual funds, other securities and securities related financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc.

Qtrade Asset Management, Qtrade Advisor and Northwest & Ethical Investments L.P. are all wholly owned subsidiaries of Aviso Wealth Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.

Paul Arsenault

Paul Arsenault, CFP®, PFP®, RIS, CKA®

Director, Wealth and Investment Branch Compliance Manager / Qtrade Asset Management Inc. Paul has a wealth of experience helping members achieve their goals as a CERTIFIED FINANCIAL PLANNER® professional. He coaches Kindred’s Financial Planning Team and acts as our compliance manager for Qtrade Asset Management Inc. In addition, Paul is passionate about sharing his knowledge around RDSPs with members and organizations.