Retirement income to-do list

1. Review your pension plan and RRSPs with your advisor to forecast how much income they're likely to generate for you by the time you retire.

2. Find out what other sources of retirement income you may be eligible for – such as the Canada/Quebec Pension Plan, Old Age Security or the Guaranteed Income Supplement.

3. Decide what level of annual income you'd like to receive during retirement, and check it against the totals from above. Are you on target, or is there a gap?

4. Draft a sample budget of your estimated retirement expenses. Don't forget to adjust for inflation.

5. Try to maximize your RRSP contributions every year.

6. Don't miss the deadline for converting your RRSPs to RRIFs or annuities (the end of the year you turn 69), since forgetting could net you a tax bill big enough to gobble half of your savings.

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retiretodolist