Ease Your Financial Stress

Whether retirement is approaching or you are currently retired, there are a few things you can do to ease any financial stress you are feeling.

Determine your retirement income

If you are getting close to retirement, you’ll want to get an idea as to the retirement income you could expect from many sources. If you are retired, you’ll want to make sure you’ve uncovered all these income sources and know at what age you are eligible to receive each:

  • Canada Pension Plan
  • Old Age Security
  • Guaranteed Income Supplement
  • Defined Benefit Plans
  • Defined Contribution Plans
  • Deferred Profit Sharing Plans
  • Locked-in RRSPs
  • RRSPs
  • TFSAs
  • Savings


Download the Financing Your Retirement: Planning Ahead eBook for free for more in-depth information, insight and tools on planning and organizing your finances.


Understand where your money is going

Ease Your Financial Stress

Know where you are spending your money, both before retirement and in retirement. Your spending determines how long your retirement savings will last and what your income streams need to be. I recommend slowly reducing the amount of money you spend as you get closer to retiring; this will make living on a lower income easier. If you have debt or a mortgage, paying it off must be a top priority; being debt free in retirement makes adjusting to a lower income much easier and less stressful.

Protect your retirement savings

How you invest your retirement savings while withdrawing money for retirement is totally different than when you were saving for retirement. Make sure you work with an advisor who helps you with your cash flow and can provide you with retirement income in the most tax advantageous way, maximizing the Old Age Security and Guaranteed Income Supplement that you may be entitled to. Rising care costs could dramatically eat into your savings; longterm care insurance will remove this costly variable from your retirement plan.

Check out the resources and tools in Reducing Your Financial Risk to help you avoid outliving your money in retirement.

Related Links

Comfort Life is a division of Our Kids Media™ ©2002-2021   •   Disclaimer: Information presented on this page may be paid advertising provided by the retirement care advertisers and is not warranted or guaranteecd by ComfortLife.ca or its associated websites.  •   See Terms and Conditions.

The Comfort Life eNewsletter

Sign up today to receive tips and advice on retirement living, retirement communities, home care and other services.

First Name:
Postal Code