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Plan your retirement

Sow your seeds, watch them grow and enjoy the fruits of your labour.

Retirement in three questions

First, aim for income that represents between 60% and 80% of your salary. Based on your projects and standard of living, you can then increase or decrease the percentage.

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SimulR helps you determine how much you should save. It allows you to view your future retirement income and note the effect of leaving for retirement at different ages on your future income.

 

Retirement plans from the Government of Canada and the Gouvernement du Québec, that is, the Old Age Security program (OAS) and the Québec Pension Plan (QPP), guarantee you a basic income. However, that income is not sufficient. You must therefore consider other sources of income. This additional income may come from a workplace pension plan and/or your personal savings.

Finding out more on retirement income

 

Choosing the age at which you retire is personal. It depends on your projects, your state of health or other factors such as losing your job, a separation, etc.

Please note, however, that some of your retirement income, such as the retirement pension under the QPP, will vary depending on the age at which you begin receiving it. The longer you wait to apply for the pension, the higher its amount will be, for the rest of your life.

  • Consult your Statement of Participation: it shows the amounts to which you could be entitled at different ages based on when you apply for your pension under the QPP.
  • Be sure you know all the details about your various earnings and plan how you are going to earn them well.

Finding out more on the retirement age

Make your money grow

Thanks to our content, learn how to manage your money from your first paycheque to retirement to achieve your goals and plan your retirement! Regardless of your age or where you are in your career, you will find information adapted to your needs. Take action: it is easier than you think!

 

Early Career
(from ages 18 to 30)

To get off to a good start
 

Mid-Career
(from ages 30 to 50)

To stay of the right track
 

End of Career
(age 50 and over)

To end on a high note

Why does everyone keep saying that saving early is important?

Financial planning for retirement starts with good savings habits. Making wise choices now can take you far in the years to come thanks to compound interest. This means that interest is calculated from both your investments and the interest accrued from these investments. The earlier you develop these habits, the more they will pay off.

The magic of compound interest

Move the sliders to define your savings period and choose the amount to save each month, and discover the magic...

Savings period = years

$ per month

Amount accrued at age 65

Amount saved

Average annual interest rate of 5%
Age 25Age 35Age 45Age 55Age 65
Amount accrued
Amount saved

Are you planning your retirement? Take the test!

Select the statements that apply to your situation:

of
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  • I automatically deposit money every month into a savings vehicle, such as a registered retirement savings plan (RRSP) or a tax-free savings accounts (TFSA).
  • I make a budget.
  • I choose my expenses according to my budget.
  • I received advice from a financial planner.
  • I am a member of a workplace pension plan.
  • I know the type of plan my workplace pension plan is.
  • I have been thinking about my retirement projects.
  • I simulated my retirement income with a calculation tool like SimulR or CompuPension.
  • I set myself a savings target for my projects.
  • I know the sources of income I will have in retirement.

You should do a little better to ensure your financial well-being in retirement...

Well done; you are on the right track! Keep up the momentum to make real financial plans for your retirement.

Wow, what great planning! Don't forget to reassess your strategy regularly.

Get the help you need

Do you know My Account? It is your personalized space that makes it easier to financially plan for your retirement. You will find:

  • your Statement of Participation under the QPP, a valuable tool, which allows you to see your contributions to the QPP and the Canada Pension Plan, and to estimate the pension amounts you could receive at different ages;
  • the SimulR calculation tool, which helps you find out where you stand with regard to your retirement project. It also allows you to determine how much you need to save to achieve it;
  • the CompuPension tool, which allows you to carry out a complete personalized simulation based on your actual data!

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Consult a financial planner for support, clarity and peace of mind!

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