Ready, set, retire!
Here's a summary to help make your transition to retirement smooth.
Need more information?
Listed below are the resources we link to, plus a few extras. You'll find links to information on:
Retirement income
- Find out about your options for converting workplace retirement savings into income.
- The Canadian Retirement Income Calculator Link will open in a new window or tab will help you calculate your retirement income from all sources.
- Service Canada Link will open in a new window or tab has information on how to access Old Age Security, the Canada Pension Plan, the Guaranteed Income Supplement, and benefits for Canadians living abroad.
- Your Canada Pension Plan Statement of Contributions will give you an estimate of your CPP benefit. You can access your statement Link will open in a new window or tab on-line through your Service Canada account or you can contact the government to request a copy by mail.
- Retraite Québec Link will open in a new window or tab provides information on how to access the Quebec Pension Plan.
- If you're wondering when you should you take your CPP, "Four reasons why you should still take CPP early" Link will open in a new window or tab and "When To Take CPP: Early, Late or Somewhere In-Between" Link will open in a new window or tab may be of interest.
- If you're turning your RRSPs and investments into retirement income, it's good to know your options Link will open in a new window or tab.
- Annuities Link will open in a new window or tab can help to provide you with a baseline of guaranteed income that will cover your living expenses and last for as long as you do.
- The tools on RetirementAdvisor.ca Link will open in a new window or tab are designed to help you analyze your financial situation and plan your future. Look under "Post-Retirement Tools" for the "Post-Retirement Calculator".
Budgeting
- The Government of Canada's budget calculator Link will open in a new window or tab is a tool to help you calculate and understand your budget. It will give you a snapshot of where your money is going based on how much you spend.
Financial advisors
- If you've never used a financial advisor, now's a good time. The decisions you make now will affect you for the rest of your life. Check out our article Link will open in a new window or tab.
- The Financial Consumer Agency of Canada Link will open in a new window or tab has information on working with a financial planner or advisor.
Transitioning into retirement
- Information For Seniors Link will open in a new window or tab from the Government of Canada pulls together relevant information and resources on lifestyle, health and finances, all organized by province.
- The Retirement Planning Association of Canada Link will open in a new window or tab has a list of books addressing relevant topics, like the social and psychological issues retirees face and how to get healthy and stay healthy in retirement.
Staying active in retirement
- The Government of Canada's Seniors website Link will open in a new window or tab pulls together information on relevant topics, including: the benefits and services available to seniors across the country, staying active and involved, and estate planning.
- How to stay busy during retirement Link will open in a new window or tab summarizes the activities you can consider like writing, reading, exercise, joining a club and volunteering.
- Manitoba's Healthy Living and Seniors Link will open in a new window or tab focuses on health and safety.
Health benefits for retirees
- If you don’t have supplementary health and dental benefits, you may want to buy personal coverage. Link will open in a new window or tab
- Information For Seniors Link will open in a new window or tab can help you to find out what benefits you qualify for as a senior in your province.
- In British Columbia, PharmaCare Link will open in a new window or tab helps B.C. residents with the cost of eligible prescription drugs, certain medical supplies and pharmacy services. Eligibility is based on income.
- The Government of Alberta Link will open in a new window or tab provides premium-free Alberta Blue Cross Coverage for Seniors for health-related services not covered by the Alberta Health Care Insurance Plan (AHCIP).
- Under the Saskatchewan Seniors’ Drug Program Link will open in a new window or tab, eligible seniors 65 years and older pay a maximum of $25 for prescription drugs. Eligibility is based on age and income.
- In Manitoba, coverage is based on income. The Pharmacare drug benefit program Link will open in a new window or tab is available to eligible Manitobans whose income is seriously affected by high prescription drug costs.
- The Ontario Drug Benefit (ODB) Program Link will open in a new window or tab covers most of the cost of 4,400 prescription drug products, some nutrition products and some diabetic testing agents.
- In Quebec, those 65 and older are automatically registered in the Public Prescription Drug Insurance Plan Link will open in a new window or tab administered by the Régie de l'assurance maladie du Québec.
- New Brunswick has several plans Link will open in a new window or tab for seniors, depending on income.
- The Nova Scotia Seniors' Pharmacare Program Link will open in a new window or tab pays for drugs and devices. Premiums are based on income.
- In Newfoundland and Labrador, the 65Plus Plan Link will open in a new window or tab covers eligible prescription drugs to residents 65 years of age and older who receive Old Age Security Benefits (OAS) and the Guaranteed Income Supplement (GIS).
- In Prince Edward Island, the Seniors’ Drug Program Link will open in a new window or tab is automatically available to those age 65 or older.
- The Northwest Territories (GNWT) sponsors the Extended Health Benefits for Seniors Program Link will open in a new window or tab to provide non-Native and Métis residents who are 60 years of age and over with coverage for eligible prescription drugs, dental services, vision care, medical supplies and equipment.
- The Yukon’s Pharmacare and Extended Health Benefits programs Link will open in a new window or tab assist those 65 and older with the cost of prescription drugs, dental care, eye care, and medical-surgical supplies and equipment.
- In Nunavut, eligible residents are covered by the Nunavut Health Care Plan Link will open in a new window or tab.
- Health Canada also maintains information on Provincial and Territorial drug coverage programs Link will open in a new window or tab.
Living with a disability
- The Financial Consumer Agency of Canada's "Living with a Disability" Link will open in a new window or tab deals with managing your money when you have a disability.
- Employment and Social Development Canada Link will open in a new window or tab outlines the support and funding available to people with disabilities.
- The Government's Persons with Disabilities Online site Link will open in a new window or tab provides provides access to services and information for persons with disabilities.
- The Public Health Agency of Canada Link will open in a new window or tab offers on-line resources to people with disabilities.
Volunteering
- Volunteer Canada Link will open in a new window or tab can match your interests with the organizations in your community that need volunteers.
- Idealist Link will open in a new window or tab connects you with volunteer positions based on your skill set.
- CharityVillage Link will open in a new window or tab can connect you to volunteer positions at nonprofit organizations.
- Spark Link will open in a new window or tab connects Ontarians looking for volunteer opportunities with the organizations that need their help.
- Go Volunteer Link will open in a new window or tab connects British Columbians and Albertans with volunteer opportunities in their communities.
- Canada Volunteer Directory Link will open in a new window or tab lists volunteer opportunities by category, city and province.
- LinkedIn Link will open in a new window or tab has a listing of volunteer positions.
Getting organized
- Pull all of your personal information together in Your Virtual Shoebox Guide Link will open in a new window or tab
Estate planning
- What every older Canadian should know about: Powers of attorney (for financial matters and property) and joint bank accounts. Link will open in a new window or tab
- Financial Consumer Agency of Canada. Link will open in a new window or tab
- The Government of British Columbia. Link will open in a new window or tab
- Alberta Justice and Solicitor General. Link will open in a new window or tab
- Public Legal Association of Saskatchewan. Link will open in a new window or tab
- Manitoba's Seniors and Healthy Aging Secretariat. Link will open in a new window or tab
- Ontario Ministry of the Attorney General. Link will open in a new window or tab
- Justice Quebec. Link will open in a new window or tab
- Financial and Consumer Services Commission of New Brunswick. Link will open in a new window or tab
- Nova Scotia Justice Link will open in a new window or tab information on personal directives.
- Seniors and the Law In Newfoundland and Labrador. Link will open in a new window or tab
- Community Legal Information Association of Prince Edward Island's publications on wills Link will open in a new window or tab and care directives. Link will open in a new window or tab
- Northwest Territories information on wills. Link will open in a new window or tab
- Yukon Public Legal Education Association. Link will open in a new window or tab
- Information on Nunavut from Make a Will Canada. Link will open in a new window or tab
- GetSmarterAboutMoney.ca Link will open in a new window or tab also has some great information on estate planning, arranged by province.
Fraud
- Fraud strikes retirees. Link will open in the same window Know how it happens and how to protect yourself.
- The Financial Consumer Agency of Canada Link will open in a new window or tab outlines common fraud schemes.
- The Canadian Anti-Fraud Centre Link will open in a new window or tab has information on fraud, protecting yourself and reporting fraud.
- The Canada Revenue Agency Link will open in a new window or tab has information on how to protect yourself against fraud.
- The Competition Bureau Link will open in a new window or tab has information on recognizing and preventing fraud.
- GetSmarterAboutMoney.ca Link will open in a new window or tab has information on preventing fraud.