Where will my retirement income come from?


 
"Worried about whether CPP will be there when you retire? Relax...it's financially sound for the next 75 years!"
Source: Chief Actuary, Canada Pension Plan
myth: My retirement income will be available the day I retire - it's like flipping a switch from savings to income.
truth: Accessing your retirement income is like flipping multiple switches at different times.

  • Different income becomes available at different ages.
  • When you start income streams affects how much income you'll get.
  • You'll need to convert your current savings into income.

Understanding what retirement income is available to you, and when, will help you to ensure that you have adequate income.

My retirement income "streams"

Next step: To understand what combinations will work best for you, consider Do I need an advisor?