Planning for retirement
It’s always the right time to plan for retirement. If you’re a member, you can book an appointment on AccèsD to start planning with the help of an advisor.
Not a member? Schedule a call to make an appointment.
Advice at any age
Depending on your age, you need to consider different things when planning your retirement. Take a look at our advice for your age group.
- Ages 18–30
- Ages 31–49
- Ages 50–64
Ages 18–30
Take the first steps
We understand that retirement can seem a long way off and that you have other goals you’d like to focus on like travelling, buying a car or maybe even buying a house. If that’s the case, it might appear difficult to save for both a down payment and retirement.
But it’s never too early to start putting money aside for when you retire. With a budget and savings strategy made just for you, you can save for your future, even if it’s only a little bit each month.
Check out these articles to learn more:
Learn more about savings plans
Savings plans such as RRSPs or TFSAs let you save and grow your money tax-free.
- With an RRSP, you pay less tax by lowering your taxable income.
- With a TFSA, you have the flexibility to withdraw money anytime you need it.
1
There are other savings plans that might fit your needs. To learn more about them, see Registered savings plans.
Ages 31–49
Balance retirement and your other goals
You’re working hard and have a lot on your plate. We get that it can be hard to think about retirement when you’re trying to pay off your mortgage, make major purchases or save for your children’s future.
But there are still many good reasons to start planning your retirement as soon as possible. To learn more, read Retirement planning: Why it’s important to start now.
Take advantage of savings plans
Contributing to an RRSP or TFSA can help you grow your savings and reduce your tax bill.
We have a wide range of investment products to help you reach your financial goals. And your advisor is there to help. They’ll work with you to find solutions that fit your needs and investor profile.
Ages 50–64
Get ready
Make sure that your retirement plan is up to date. Have your goals or retirement income changed? Are you prepared for the unexpected? Even if you haven’t started planning for retirement, you still have time to get a personalized retirement projection. And with the help of an advisor, you’ll get a better idea of your needs.
It’s normal to have questions about retiring. To learn more, read Retirement savings: 5 steps for financial peace of mind.
Maximize your contribution
Do you have unused RRSP contribution room and want to invest as much as possible in your RRSP while you still have time? Then an RRSP loan might be right for you.
Learn more about the benefits of an RRSP loan and how it works.
Plan your withdrawal strategy
Your retirement projection includes a plan for withdrawing your retirement savings. The goal is to make them last as long as possible and pay the least amount of tax possible.
Take a look at our 7 tips for planning your retirement withdrawals.
Other things to think about
Retirement calculators
Do you know where your income will come from once you retire? Our calculator helps you see the big picture to better plan your savings.
Retirement planning steps
Decide on your retirement age
This is how you’ll determine how much time you have to save up and how long you plan to be retired. According to the average life expectancy in Canada, you may be retired for 20 or even 30 years.
Set your retirement goals
Do you want to travel, volunteer or just sit back and relax? Your retirement plans and your desired lifestyle will dictate how much you need to save.
Determine your desired annual retirement income
You’ll generally need between 50% and 70% of your annual end-of-career income (after tax) during retirement. Draw up a budget to see how much money you’ll need every year to maintain your lifestyle and do what matters to you.
Identify your sources of income
Your retirement income will likely be made up of government pensions, your personal savings and an employer pension plan, if you have one. You may also have other sources of income.
Calculate how much you need to save each year
Ideally, you should put aside 10% of your annual pre-tax income, but it all depends on your retirement plans and income sources. Consider taking out insurance, such as disability or critical illness insurance, so you can keep saving no matter what happens.
Build up your savings
Set up an investment strategy that matches your needs, risk tolerance and investment horizon. We’re here to guide you and help you make informed choices.
Make an appointment
By phone
Montreal area:
514-224-7737 This link opens your phone app. (514-CAISSES)
Elsewhere in Canada and the US:
1-800-224-7737 This link opens your phone app (1-800-CAISSES)
Or have us call you when it's convenient.