Retirement Income
Retirement Income Planning in Ottawa
Saving for retirement is only half the plan. The next step is deciding how to turn RRSPs, RRIFs, LIFs, pensions, CPP, OAS, and investment accounts into income that is practical, tax-aware, and built around your life.
Why the income plan matters
Two people can retire with similar savings and end up with different outcomes because of withdrawal timing, account order, taxes, market conditions, pension decisions, and government benefit timing. Retirement income should be built deliberately, not guessed one year at a time.
- When to start CPP and OAS
- How much to withdraw from RRIFs and LIFs
- Which account to draw from first
- How to coordinate pensions, registered accounts, and non-registered savings
RRIF, LIF, pension, CPP, and OAS decisions
RRIFs have annual minimum withdrawals. LIFs generally have minimum and maximum withdrawal rules. CPP and OAS timing can affect monthly income and long-term planning. Pension choices can affect survivor income. These pieces should be reviewed together before income starts.
Products that may be reviewed
- RRIFs for flexible registered retirement income
- LIFs for locked-in pension money
- GICs for guaranteed interest and stability
- Segregated funds for market exposure with insurance contract features
- Annuities for predictable retirement income
When to get help
A retirement income review is especially useful in the years before retirement, when converting an RRSP to a RRIF, unlocking pension money, choosing LIF income, reviewing CPP timing, or deciding how much income to draw each month.