7 Steps to Retirement Planning in Canada

Retirement planning involves preparing for life after work by setting goals, calculating savings needs, and choosing investment strategies. Key steps include defining retirement goals, determining a benchmark retirement age, assessing changes in spending, calculating required savings using rules like the 80% rule, and factoring in additional income sources like pensions. Selecting appropriate investment accounts, such as RRSPs and TFSAs, and establishing a consistent savings plan are crucial. Starting early and seeking professional advice can enhance retirement readiness.