How to Increase Your Retirement Income

While the main sources of retirement income are government programs—notably the Québec Pension Plan (QPP) and Old Age Security (OAS)—and registered plans like registered retirement savings plans (RRSPs) and supplemental pension plans (SPPs), retirees can sometimes draw on other sources of income. 

Why Not Work Part Time?

  • Call your former employer. They may need your expertise a few hours a week, which could be a great way to smooth out the transition from active life to retirement.
  • Get involved in a community organization. You might be able to earn a small income.
  • Put your craft or cooking skills to work. Tell people about your talents—it could pay off.
  • Do you have expertise to pass along? Contact an educational institution and see if you can give courses or be a mentor.

Do You Really Need 2 Cars?

Do you have two cars? Selling one could bring in extra cash, and you'll also save on registration, insurance, general maintenance, and more. Your fixed annual expenses will drop and your budget will thank you. Use your savings wisely. Set money aside to replace your remaining car when the time comes.

Primary Residence, Secondary Residence, or Apartment?

  • If you have both a primary and secondary residence and decide to sell one, not only will your fixed expenses drop, but you'll also get money from the sale. Be careful! Capital gains on your primary residence are not taxable. You might want to designate the home that went up most in value as your primary residence.
  • Once your children leave home, you may want to move into a smaller, less expensive house. The difference in cost will help increase the funds available to you.
  • If you sell your home and move into an apartment, think carefully before you spend the money you make on the sale. Be sure to put aside a portion to cover your monthly rent.

Receiving an Inheritance?

  • Has someone in your life passed away and you've discovered you may inherit a fair amount of money? Wait until the estate is fully liquidated before committing to new expenditures.
  • Again, be careful if someone close to you is ill and makes you their heir. Wait until the money is in your pocket before you make any plans.

Dreaming of the Lottery?

  • Financial planning should never include hit-or-miss scenarios! If you like to spend a little a week to try your luck, go ahead. Don't try to build your future on chance.
  • Bear in mind that if you systematically save the same amount you spend on the lottery, you'll be able to plan actual projects rather than just dream about them. If, by chance, you do win, consult a financial planner before spending it all.


  • If you come into money, don't raise your standard of living higher than you'll be able to maintain once the money runs out. It's always hard to have to cut down on spending, especially during retirement!
  • Retirement planning should always have a solid base, both in terms of expected returns and actual revenues. It's better to count on reliable sources of income than hypothetical amounts.

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