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These posts will talk about retiring in Canada. How to earn extra income, and how to save for your retirement when you are young to get ahead of the game. Written by Alex MacKinnon.

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This article discusses when you know it is time to retire, one of the points they discuss is to talk to other people who have recently retired about what it's like financially for them and to try to ballpark how comfortable you would be if you retired.Take advice from other retired people and learn from their financial mistakes. It also discusses considering downsizing and lowering daily expenses in order to live a cheaper lifestyle and save more money for retirement while also requiring less money per month to live. I think that this article gives good ideas as to when it is the right time to consider retiring.

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By the time we get to our 60s, most of us have spent the better part of 40 years working and saving. Phew! Now comes the most relaxing time in your life, we hope, when you can finally start to enjoy all the fruits of your savings. That in itself requires some knowhow, however. If you were lucky enough to have a work pension, if you saved money saved in your RRSP and other investments, now is the time to plan for when and how to wisely extract, transfer and use that as income. It's time to start making some real plans about what you want your retirement to look like.
Know when you should retire
Not everyone retires at age 65. By taking a look at your work pension, see what your monthly income would be if you decided to leave work now. How much more would you get if you waited until 65 to retire? It's important to know that Old Age Security (OAS) and Canada Pension Plan (unless you take that early) don't start until you turn 65 so make sure you are calculating your income carefully if you are taking early retirement.
Make your retirement income tax efficient
Government benefits like OAS start to get clawed back past a certain income threshold. For 2016, that number was $73,756; after which benefits start to decline to the point of nonexistence at an income greater than $119,400. Make sure you are setting up a withdrawal plan that will keep as much OAS in your pocket as possible. If you are able to save, don't forget to use your Tax Free Saving Account, as the money you withdraw from there is not added to your income tax. Also, you can voluntarily defer OAS for up to 5 years. This will result in a higher benefit when you do start to receive it. Talk to an accountant to make sure you are managing your investments, income and benefits, in the most efficient way possible.
Move money to safety
The time where you are going to start spending your retirement savings is getting closer. Make sure you have at least five years of expenses saved in the safest of investments. However, remember retirement will hopefully last for many decades, so leaving some money in higher risk investments is ok, as long as you don't plan to use it for at least 20 years. The key at this age is having the best asset mix. So enough money in safe investments to spend now and the rest in slightly riskier investments that you don't need until later.
Get a handle on what your retirement income will afford you
Based on what your new income will look like, from your various sources, what will you be getting each month? Can you afford your life? If you are feeling stretched, think of ways you can cut back to enjoy all the things you want to do. Consider downsizing or moving to a less expensive city. Consider getting rid of one car if you are a two-car couple. Does it make sense to take longer trips but live more frugally? For example renting a home for 3 months in Arizona vs taking a 2 week Caribbean holiday. You have options!
Take advice from older retirees
One of you best resources at this stage in your life are your slightly older friends. They are living through what you will be experience in 5-10 years' time. Ask them about what they wish they had done with their finances and if there are any mistakes they made you could easily avoid. Make sure you talk to people who are living a lifestyle you admire and can afford - talking to seniors who are much wealthier you may be setting yourself up for financial failure. Here, you're doing what you can to plan better for the unexpected.

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Money in your 60s: What to consider as you make real plans to retire and use your retirement income | CBC Life

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By the time we get to our 60s, most of us have spent the better part of 40 years working and saving. Phew! Now comes the most relaxing time in your life, we hope, when you can finally start to enjoy all the fruits of your savings.

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Sources of retirement income. Article #3

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Sources of retirement income. Article #3

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This article is written by the Canadian Government, and discusses different sources of income for people who are retired. It is important to make sure you apply for all of the different types of retirement income available to you based on how long you worked and how much you earned. If you use the money you get from your government programs for everyday expenses then you can minimize the amount of money you need to take out of your saving in order to live comfortably in your retirement. This article also discusses how RRSP's and TFSA's can make saving for your retirement easier.

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retirement; aging; pensions; savings; seniors; personal finance; employment; personal income; finance

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Sources of retirement income - Canada.ca

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The retirement income system, CPP, OAS, employer-sponsored plans and personal savings and investments. Learn how to get money from your home when you retire.

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Canada's Saving for Retirement. Article #2

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Canada's Saving for Retirement. Article #2

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This article is written by the Canadian Government and discusses ways of saving for retirement like starting to save early, balancing your current financial priorities, and considering inflation. I think it is important to note that if you start saving now, by the time that you are old enough to retire the inflation rate could be so high that you may need more money than you once had calculated years previously. With inflation being a factor in life, you have to save more than you expected to ensure that you will have enough money to live comfortably in your retirement.

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retirement; aging; pensions; seniors; savings; personal finance; budget planning; interest rates; inflation

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When, why and how to start saving for your retirement and tips to help balance your financial priorities.

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How to save for retirement on a small income. Article #1

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How to save for retirement on a small income. Article #1

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In this article they give advice on how to save for retirement even if your income is small. Some of the advice includes things like setting a budgeting, cutting back on expenses, and setting automatic payments to add money to your retirement savings every month. I think that the advice given in this article is valid and although it can be very difficult to save money when you can barley pay your day to day bills you have to put forth an effort to save money here and there in order to have money to put aside for the future.

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How to Save for Retirement in Canada on a Small Income | My Money Coach

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A common concern for many Canadians is how to save for retirement in Canada, especially when we're living paycheque to paycheque. If we're struggling to make ends meet now, how will we take care of our expenses when we're no longer earning the same income we used to?

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This image shows that 31.9% of people say that they agree that have not saved enough for retirement and that 28.4% strongly agree they have not saved enough for retirement. This shows a need to start saving earlier in life and to take retirement more seriously.

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Canadians are worried about retirement. Picture #1

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Canadians are worried about retirement. Picture #1

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This image shows that only 50% of Canadians will be able to maintain the same desired standards of living after retirement. It also shows that 35% currently don't feel financially secure.

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How much money do you need? 756 thousand.  Video #4

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How much money do you need? 756 thousand.  Video #4

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In this video they discuss how the average Canadian needs $756,000 in order to retire comfortably. This shows a need to start saving earlier and putting aside a certain amount of money every month depending on your income is necessary to have that amount of money by the time it becomes time to retire. If you can lower your cost of living while keeping your comfort in your retirement then you can live for under the average amount. Budgeting and not living beyond your means is a good way of making sure you have enough money saved for your retirement.

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Saving for retirement a mystery for Canadians

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What Every Canadian Needs To Know About Retirement Video #1

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What Every Canadian Needs To Know About Retirement Video #1

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In this video they discus that when you are retired you should be spending money from your Canadian Pension Plan. You should be spending this money so that your investments can continue to make interest.

I believe this clip is relevant because it is important to budget and spend your pension instead of breaking into your investments unless necessary. Budgeting your CPP income will mean the extra money you earn on the side can be saved or used towards something else.

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Cindy David - What Every Canadian Needs to Know About Retirement

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In this video they discuss how a lot of young people now a days don't have full time work and don't work jobs for very long. When most people get a new job every 5 years they don't have access to the same retirement benefits that some people get for working at a company for 30 years. Depending on what industry you are in this means you may need to start saving earlier to make up for the lack of retirement income you will be earning. The fact is that company's don't take care of their employee's like they did in previous generations and we have to plan to make up for that fact.

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In this video they discuss the 'Replacement Rate' which is how much money you need in order to continue to live the lifestyle you are living before retirement. Depending on what kind of lifestyle you live determines how high that rate will be. They also point out in this video that when you are retired you don't necessarily need to spend as much money as you did previous. This is due to you not having to save for retirement in the same way anymore and paying less taxes on an annual basis. In this video they discuss how people who earn more before retirement can cut back more than people who earned less.

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How Much Income Do You Need in Retirement?