How to model retirement income in Canada Feb 15th

Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.

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How to model retirement income in Canada

– moneysense.ca

Ask MoneySense
I am retired early at 58 years old. My wife is 56 years old. We live on a Christmas tree farm, which was paid for years ago.

I have a work pension, and my wife was bought out for her pension.

We have considerable RRSPs, farm income, and farm property. Where do we start to see how much we can spend a month? We need a plan. My wife will collect CPP when she’s 60, and I will collect CPP when I’m 65.

How do you cash in your RRSPs? Should you get GICs?

We’ve saved money all our lives, but how to you cash out now? We self-directed all our investments, but now what do we do?

We have questions but no answers. Where do you find someone to help you make a plan to spend, not save?

–Mike

Determining how much money you can spend in retirement

Mike, you may be surprised to learn that a lot of wealth builders have trouble flipping the switch to spend once they retire. They just can’t wrap their brains around it. I’m not sure if that’s the issue you’re asking about, or if you’re asking about the best way to access and maximize your wealth through retirement…

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