Whether you decide to retire early or work longer, the earlier you start planning, the more likely you will be financially prepared for retirement. How prepared are you for retirement? Once you have a general idea of how much you need to retire comfortably, you can start to think about where that money will come from. For many Canadians, pensions, whether public, private or a combination of the two, will make up a significant portion of their retirement income. However, Canadians can no longer rely solely on public sources of income to maintain their desired standard of living through retirement. There is a range of sources of retirement income that are available to you.
Planning for your retirement is a complex process. There is a lot to consider, and looking 10, 20 or 40 years ahead can be challenging. Many Canadians choose to get help when planning their retirement. There are financial planners and advisors who specialize in helping individuals and couples prepare for retirement.