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Canada Retirement Readiness Checklist

26 items across 6 areas — work through each section to identify gaps in your retirement plan. Your progress saves automatically in your browser.

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0 of 26 items checked — 26 remaining

1. Know Your Numbers

  • I know my total portfolio value (RRSP + TFSA + non-reg + DB pension if applicable)
  • I've checked My Service Canada Account for my CPP Statement of Contributions
  • I know my estimated CPP monthly benefit at age 65
  • I know my estimated annual spending in retirement (in today's dollars)
  • I've run a retirement projection to estimate my Monte Carlo success rate

2. RRSP & TFSA Optimization

  • I know my remaining TFSA contribution room ($7,000/year in 2025; up to $102,000 lifetime if eligible since 2009)
  • I have a clear RRSP vs TFSA strategy based on my current vs. expected retirement marginal tax rates
  • I know my RRSP contribution limit and have a plan to maximize it before retirement
  • I have a plan to convert my RRSP to a RRIF or annuity by age 71
  • I've modelled the RRSP meltdown strategy to reduce OAS clawback later

3. Government Benefits

  • I've decided on my CPP claiming age (60–70) and understand the breakeven math for my situation
  • I've decided on my OAS claiming age (65–70) and whether deferral makes sense for me
  • I understand the OAS clawback threshold ($93,454 net income in 2025) and how to manage it
  • I've checked if I or my partner qualifies for the Guaranteed Income Supplement (GIS)

4. Retirement Income Planning

  • I have a tax-efficient withdrawal order strategy: TFSA → RRSP/RRIF → non-registered accounts
  • I've estimated my effective tax rate in retirement based on all income sources
  • I've planned for Required Minimum RRIF Withdrawals starting the year after conversion
  • I've accounted for inflation (2–3%/year) across a 25–30 year retirement horizon
  • I've stress-tested my plan against a sequence-of-returns crash in the first 5 years of retirement

5. Risk & Protection

  • I have adequate life insurance and/or critical illness coverage through retirement
  • I have a plan or budget for long-term care costs in my late 70s and 80s
  • I've modelled the financial impact of losing one income source (partner death or disability)

6. Estate & Legal

  • I have an up-to-date will prepared by a lawyer
  • I have Power of Attorney designated for both finances and personal care
  • I've named beneficiaries on all registered accounts (RRSP, TFSA, RRIF)
  • I've considered spousal RRSP contributions for income splitting in retirement

How to interpret your score

22–26 ✅On Track — Strong retirement foundation. Review annually and as life changes.
15–21 🟡Good Foundation — A few gaps to address. Prioritize the unchecked items in Sections 3–4.
< 15 🔴Getting Started — Start with Section 1 (Know Your Numbers) and book a fee-only advisor session.

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