Describe the desired income
A target retirement age is not enough. The plan needs a realistic view of spending, inflation, housing, travel, family support and how long income may be required.
Retirement planning
Retirement becomes clearer when the timeline has numbers.
A useful retirement discussion connects the lifestyle you want, the income sources you expect, the savings already in place and the risks that could interrupt the plan.
Why people look for this coverage
The need usually becomes clear when one of these risks feels too large to carry alone.
- Savings are happening without a clear retirement-income target.
- Too much of the future depends on selling one business or property.
- Registered, corporate and personal assets are not coordinated.
- Illness or disability could interrupt contributions before retirement.
Map the available resources
Government benefits, workplace pensions, RRSPs, TFSAs, business assets and other savings may play different roles. Contribution limits, tax treatment, liquidity and investment suitability need to be considered using current professional advice.
- Expected CPP and OAS timing
- Registered and non-registered savings
- Workplace or individual pension income
- Business value and transition assumptions
Protect the years before retirement
Disability, critical illness, premature death or an extended business interruption can reduce savings capacity. Protection planning should be evaluated alongside—not after—the accumulation plan.
A practical next step