Retirement milestones that matter
In the busy years ahead of retirement, it's easy to forget that there will be plenty of important decisions to make after you retire too. Making note of these questions and milestones in your pre-retirement years can help go a long way. Here's a quick map of moments to consider.
RETIREMENT
BY DON SUTTON
January 2026
Disclaimer
The information contained herein has been provided by TD Wealth and is for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance.
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Although retirement is often a reward at the end of a long career, there are still significant milestones to reach and important financial decisions to make. You may want to stop working earlier than 65, for example, or keep working well into your 70s. “Whatever your path, you shouldn't let events dictate your future years,” says Tannis Dawson, High Net Worth Planner at TD Wealth. “To ensure your retirement course makes sense and your goals are met, it's important to have a strategy.”
Here's another good reason to build a strategy: According to demographic data, many of us will be healthy and active past our 80th year. Dawson says this is something she tells her clients too: Living longer means changing your outlook on retirement and what being a senior means. And although there are certainly perks to a longer life, it also means there's greater demand on your savings. Many of us will be chasing expensive activities, like travel, much longer than our parents and grandparents did. So, we've got to make plans for those years, but we also have to make plans to afford them too, says Dawson.
No matter what your own retirement dreams are, a financial advisor can help you form a plan that addresses your savings, investments, tax demands and more. After all, personal finance decisions are often best made when supported by someone with the knowledge and experience to understand the whole picture.
ART VERONICA PARK
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65
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90
1 “CPP Retirement Pension,” Statistics Canada, last modified August 14, 2025, www.canada.ca/en/services/benefits/publicpensions/cpp/when-start (accessed September 24, 2025).
2 “Health adjusted life expectancy, by sex,” Statistics Canada, September 5, 2019, www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=13100370011 (accessed September 24, 2025).
3 “Retirement age, by class of worker,” Statistics Canada, January 27, 2025, www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006001 (accessed September 24, 2025).
4 Ibid.
5 Ibid.
6 “A day in the life of an older Canadian,” Statistics Canada, March 21, 2018, www150.statcan.gc.ca/n1/pub/75-006-x/2018001/article/54947-eng.htm (accessed September 24, 2025).
7 “CPP Retirement Pension,” Statistics Canada, last modified August 14, 2025, www.canada.ca/en/services/benefits/publicpensions/cpp/when-start (accessed September 24, 2025).
8 “RRSP options when you turn 71,” Statistics Canada, last modified January 3, 2025, www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/rrsp-options-when-you-turn-71.html (accessed September 24, 2025).
9 “CPP Retirement Pension,” Statistics Canada, last modified August 14, 2025, www.canada.ca/en/services/benefits/publicpensions/cpp/when-start (accessed September 24, 2025).
10 “Financial life stages of older Canadians,” Ontario Securities Commission, Spring 2015, www.osc.ca/sites/default/files/2024-01/inv-research_20240110_profiles-of-retirement.pdf (accessed September 24, 2025).
11 “Health-adjusted life expectancy, by sex,” Statistics Canada, September 5, 2019, www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1310037001 (accessed September 24, 2025).
12 Lange, Brenda, “The benefits of aging,” Columbia University Irving Medical Center, August 16, 2022, www.cuimc.columbia.edu/news/benefits-aging (accessed September 24, 2025).
13 “Life expectancy by birth and at age 65 by province and territory,” Statistics Canada, December 6, 2017, www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1310040901 (accessed September 24, 2025).
14 “TD Wealth Behavioural Finance Industry Report, 2023,” TD Bank Group, January 2023, www.td.com/content/dam/wealth/document/pdf/wealth/behavioural-finance-industry-report-2023-digital-en.pdf (accessed September 24, 2025).
15 “Labour Market Outcomes and Incomes of Households in Core Housing Needs,” Canada Mortgage and Housing Corporation, July 2021, https://publications.gc.ca/collections/collection_2021/schl-cmhc/nh70-1/NH70-1-1-2021-eng.pdf (accessed September 24, 2025).
16 “Life expectancy by birth and at age 65 by province and territory,” Statistics Canada, December 6, 2017, www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1310040901 (accessed September 24, 2025).
SOURCES
ten additional
years
Over the last century, medical improvements, diet, a healthier environment and decreased tobacco consumption have lengthened the average lifespan. In 1920, a Canadian's life expectancy was about 78.
2
The earliest age you can begin taking reduced Canada Pension Plan/Quebec Pension Plan (CPP/QPP) payments.
If you haven't yet applied, the age at which CPP withdrawals should begin.
This is also the earliest you can qualify to receive Old Age Security (OAS).* You can receive an increased monthly payment if you defer receiving OAS up until age 70.
If you've delayed applying to QPP, 72 is when the QPP payments stop increasing in value.
71
You must convert your Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF) or an annuity on the last day of the year you turn 71. Withdrawals must begin the following year. ‡
Generally, old age and illness begins limiting activity at this age.
The life expectancy for Canadian men who live past 65.
The life expectancy for Canadian women who live past 65.
*OAS is income-tested. Individuals with income over a certain threshold may not qualify for the benefit.
One of the overlooked benefits of retiring is
more sleep
Canadian seniors typically enjoy nine hours of sleep compared with those under 65 who often get fewer than eight.
The three most common events that can
disrupt our carefully
laid financial plans are:
Supporting an adult family member financially
Incurring significant healthcare expenses
Losing money in the stock market.
Consider creating a
An unstructured retirement lifestyle could increase the likelihood of depression. A retirement mission statement can help you assign purpose and direction to retirement.
retirement
mission statement
In our senior years, the number of cells that react to stressors declines. The calmness we find in our senior years may therefore have a biological cause.
Our bodies
change as we age
can help people feel more financially secure.
working with
an advisor
Studies show that
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The most common age Canadians consider retirement and the age at which, generally, eligibility for unreduced CPP begins.
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According to Statistics Canada, these life expectancy and health figures reflect the expectations for Canadians with an annual income in the fourth quintile — between $88,659 to $133,468.
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Did you know?
‡ RRIFs are eligible for pension splitting as early as age 65.