When can I retire?

Retired couple
There are a number of factors to consider when determining at what age you can retire. Careful planning and consideration should be taken when making this determination. Working with one of Cambrian’s Investment Specialists can help take some of the guesswork out, and can help you get your retirement goals on track.
Everyone’s situation is unique, but some questions to ask yourself to help determine when you can retire are:
  • What kind of lifestyle will you have? How much will it cost you? Take into consideration whether you’d like to travel, or make any large purchases.
  • What will day-to-day living cost you? Will it be different from your working life? Expenses such as work travel and business clothing may be minimized in retirement.
  • How long will you need to live off your savings and other income?
  • What sources of income can you expect? Consider your savings, RRSP and government pension. Do you have a work pension?
  • When can you or will you begin to withdraw from these sources of income?
Begin the process to determining your age of retirement by answering some of these questions.