Enjoying your retirement income
At some point you'll transition into retirement and begin to enjoy the savings you've built.
To achieve your idea of retirement, you'll need to make some important decisions, because your retirement income:
- needs to last a long time. How long? Calculate it using the life expectancy tool.
- needs to cover all your living expenses:
- the necessities,
- the things you want to do, and
- any future health care costs.
- will come from multiple income sources that will start and end at different times, possibly leaving gaps.
- will need to be converted from savings to income products.
Investments that help me enjoy my retirement income
|Registered retirement income fund (RRIF)||
|Life income fund and Locked in retirement income fund (LIF and LRIF)||
|SunFlex Retirement Income||
|Segregated fund contracts||
|SunWise Essential Series||
A segregated fund with options that can:
|Tax-Free Savings Account (TFSA)||
*Effective January 1, 2013, the TFSA contribution limit is $5,500. The $5,000 TFSA contribution limit will still apply to all years prior to 2013.
Income from government pensions
|Canada Pension Plan (CPP)/Quebec Pension Plan (QPP)||
|Old Age Security (OAS)||
|Guaranteed Income Supplement (GIS)||