Retirement Planning Checklist - Situational Financial Planning, Legal & ID Shield, Halifax, Nova Scotia, Canada

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Retirement Planning Checklist

Retirement Planning Checklist

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What follows is a retirement planning checklist of items to consider and links to some additional resources to save you time and money.

If you have questions or would like a second opinion, please do not hesitate to contact me. In addition, if there is an item or resource you believe should be included I would really appreciate you letting me know.

1. What do you want to happen in retirement?

Define your lifestyle. Write down a list of everything you want to do when you are retired.

If your company has a pre-retirement seminar sign up and take advantage of any employment assistance plans available.

2. Choose your retirement date.
For many, especially the self-employed, retirement is more of a transition than an event. Regardless, it is important for planning purposes to have a date as a focal point.

3. If you are self-employed, retirement planning can be a little more complicated, especially since your business is often your greatest asset.  Deciding want you want to happen, is the first and the most difficult decision. There is information on succession planning on this website for your perusal. There is help available.

4. What will it cost to finance your retirement goals?

Complete a retirement budget.

5. If you have a pension plan, request plan estimates from your provider

6. Based on a conservative investment strategy, will returns be enough to support your desired standard of living?
Work with a financial planner to determine the gaps in your retirement plan and take the steps necessary to correct.

Retirement Planning Calculator from:

Government of Canada  

Retirement planning information from:

The Financial Consumer Agency of Canada

7. Do you have your personal records organized? Does your family have access to where all documentation is located? You must keep your spouse in the loop. If you either pass on or are unable to act your spouse must have all the information necessary to make sound decisions.

It is very important to fill out a Personal Information Record.  If you do not have one, CLICK HERE, to download from

8. Evaluate the impact of your debt as you head into retirement, it could affect your ability to increase the amount of money you save for retirement.

9. Obtain any financing that will require a salary.

Refinance your home for a lifestyle line of credit, apply for credit cards, etc,
If you need assistance I can provide you with introductions.

10. Review your retirement benefits to understand
what, if any, benefits you will continue to receive in retirement and how they work. If applicable be sure to include your spouse’s plan.

11. Assess health care needs including long term care and arrange to supplement with private plans.

12. Examine whether your situation will require caring for a loved one.

13. Understand your government benefits and take the necessary steps to activate benefits.

Public pensions and benefits you might be eligible for

Provincial resources available:
Nova Scotia Department of Seniors

14. Assess whether you are and /or will be healthy enough to continue working. This is something you might have to factor into your plans or your possible scenarios.

15. Develop your retirement income stream, co-ordinating your pensions and other income, utilizing product allocation.


Retirement Income Sources

16. Consolidate the retirement income accounts that you will use to generate income for greater control. Automate as many transactions as possible though automatic deposit and withdrawal.

17. Is your estate planning
up to date?
How do you want to pass your assets on to the next generation? Have you named proper beneficiaries for your insurance and retirement accounts, etc.? Is your will up to date? Your medical power of attorney? Your living will?
Estate Planning

18. Consider if joint ownership of car, home or other assets is appropriate. This would transfer to co-owner at the first death.

19. Review your changing tax situation with your accountant / tax advisor.

20. Review loss of group insurance coverage and convert and supplement as necessary.

21. Use any benefits that will expire.
Buy glasses, get any major dental work done, take vacation, spend money in flexible spending  account, etc.

22. Identify and plan for any expenses that will no longer be paid for by your job. (Example - a company car)

23. Change your insurance coverage for your car. The pleasure rate may be cheaper than commuter or business rate.

24. Review, record, change contact information as required.

25. Review and record personal information stored on company computer such as bookmarks, anniversaries, birthdays and events.

Please note:

If you have questions or would like a second opinion, please do not hesitate to contact me. In addition, if there is an item or resource you believe should be included I would really appreciate you letting me know.

Paul is a Certified Financial Planner (CFP) licensed by the Financial Planners Standards Council; Financial and Estate Plans are provided under that license.

The information contained in this website is intended to provide general guidelines only. The application and impact of the law can vary widely from case to case based on the specific or unique facts involved. Accordingly, the information in this article is not intended to serve as legal, accounting or tax advice. Users are encouraged to consult with their professional advisers for advice concerning specific matters before making a decision.

** Email Disclosure: For your convenience, you have the option of contacting by email. Please note that no email is 100% secure. Only provide us with your contact information and your question. Do not include sensitive information such as income, social insurance number.

J. Paul Wilson, CFP®, ChFC®
Certified Financial Planner
27 Blue Thistle Road Halifax, Nova Scotia, B3S 1M3
Office (902) 405-8665 Email
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