Approaching retirement?

A checklist to help you consider all the factors

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Regardless of when you plan to retire, there are some key considerations that can make the transition to life after work smoother. A retirement checklist can help you keep track of the details and focus on the decisions that have to be made. Here are some things to consider if you are ​​​​​​​nearing retirement:

  • At what age do I plan to retire? Am I prepared for an unexpected retirement date?
  • What will be my focus in retirement? (consider order of importance) Home, Travel, Leisure, Family, Business, Health
  • Do I have a retirement plan in place?
  • Have I sought out professional advice on retirement planning?
  • Have I determined how much I will need to live the life I want in retirement?
  • Have I considered all of my sources of income in retirement (e.g. employer pension, government benefits, registered plans, personal savings and investments)
  • Do I plan to stop working entirely in retirement?
  • What will my day-to-day expenses be in retirement?
    (e.g. basic necessities, home, taxes, debt, philanthropy, travel, family support)
  • Have I reviewed my retirement benefits from my employer or do I need additional health insurance coverage?
  • Can I withdraw my retirement income in a more tax-efficient manner?
  • Have I planned for the unexpected (health concerns, home improvements, ​​​​​​​replacing my car)?

Of course, your planning doesn’t have to stop with retirement. Through effective estate planning, you can protect the assets you worked so hard to build and provide for your family in the future.

Key takeaways :

  • Identify your lifestyle and income expectations
  • Create a budget for anticipated expenses
  • Be prepared for the unexpected (including taxes, health care costs, housing repairs)
  • Have a plan in place​​​​​​​

When you are nearing retirement it is a great time to meet with your financial advisor and decide if you need to make any updates to your plan.


This information has been provided by RBC Global Asset Management Inc. (RBC GAM) and is for informational purposes only. It is not intended to provide legal, accounting, tax, investment, financial or other advice and such information should not be relied upon for providing such advice. The information contained herein is from sources believed to be reliable, but accuracy cannot be guaranteed. Please consult your advisor and read the prospectus or Fund Facts document before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. RBC Funds, BlueBay Funds and PH&N Funds are offered by RBC Global Asset Management Inc. and distributed through authorized dealers.

® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © RBC Global Asset Management Inc. 2017

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