ATB Wealth Retirement Planning Guide

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If you are planning for retirement in 10 years or less, it’s time to take stock of your available sources of income in retirement. According to a 2019 Canadian Financial Capability Survey, 69% of Canadians who are not yet retired are preparing financially for their retirement. Among those, 92% are doing so using either their workplace pension or an RRSP. However, government pension benefits such as Old Age Security (OAS) and the Canada Pension Plan (CPP) remain crucial, particularly for those who do not have a plan to save for their retirement since more than half of those individuals (52%) expect this to be their primary source of income in retirement.

In this detailed guide, we cover CPP and OAS and what you need to consider to determine when you should start collecting each of these benefits, as well as the Registered Retirement Income Fund (RRIF) and factors to consider when withdrawing from this fund.

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