1. Create a detailed income plan
Start by listing where your retirement income will come from, how much you’ll receive from each savings source and when you’ll start taking income from each source.
Then, think about when you’ll need to start using your savings as income. Ask if it can stay in your workplace plan until you need it, or if you need to:
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Lastly, revise your financial plan, if necessary. Talk to a Sun Life advisor or Sun Life retirement consultant*.
2. Set your official retirement date
Talk to your HR department; depending on your workplace plan, you may have some choice on the date, or it may be less flexible.
3. Start the paperwork for government benefits and income products
Think about when you want to start receiving income from your available sources. Some products and government benefits take up to 6 months to start receiving payments. If you’ll need income as of your last day of work, you’ll want to start this process in advance. For information, visit Service Canada or Retraite Québec.