Canadian Retirement Checklist

Retirement sounds exciting, but you’ll most likely begin to have some doubts and fears when you start coming close to it. You’ll get to re-evaluate your decision to ensure you’re on the right track. In some cases, you may need to make adjustments to make sure you retire the way you want. 

Noteworthily, retirement has changed in Canada. The truth is that the retirement you mapped out for yourself may not be the retirement you’ll end up living. There may be some changes in lifestyle and goals, as well as adjustments in savings and investments before retirement. 

Seasons Retirement Communities have beautiful accommodations in some of the best small towns in Canada, offering quality care for residents who have already planned their retirement checklist. Click here to learn more about the best small towns to live in Ontario. In the meantime, this article discusses what to consider when planning your retirement checklist and answers the question; “where should I move to?”

Best Small Towns to Live and Why They are Good Options

After retirement, you’ll need to adapt to a new lifestyle. If you’re a retiree in Canada, you should consider joining retirement communities in Seasons Retirement as they have some of the best small towns in Alberta and Ontario.

If you’ve been asking, “where should I move to?” here are some of the best retirement places and why they are good options:

1.   Cambridge

This retirement home is situated in South Western Ontario. Cambridge is perfect for older adults looking for independent living as there’s no crowding in the area. 

There are beautiful nature retreats, beautiful rivers and rolling hill views. Also, Cambridge has a well-secured environment for its residents, a reliable transit bus system, and several social amenities.

2.   Lakeshore

Lakeshore is one of the best places for retirement. It is situated in the Windsor-Essex region. 

This town offers the high-quality lifestyle you need. It has numerous tourist spots and a wide array of recreational activities. It has a conducive and well-secured apartment for living.

3.   Niagara-on-the-Lake

This town is located in the southern region of Ontario. This community offers peaceful living and free access to the beautiful view of nature, like flowers blooming in summer. 

Moreso, Niagara-on-the-Lake is one of the best small towns to live in because it offers good investment opportunities for older adults because of its increasing real estate cost. In addition, this town has conducive weather conditions.

Canadian Retirement Checklist

Before retirement, there are essential things you must consider and put in place. We’ll be looking at the seven most important retirement checklists:

1.   Review your plan and restrategize if need be

As you grow old, your interests change. What you needed 20 years ago will probably not be what you want now. This change is normal, and you may need to review your plans and restrategize. Also, always include unexpected events.

Your retirement may not go as planned, but being financially ready can help you make the most out of it. 

The earlier you begin having honest conversations with your financial adviser and family about what you need, the easier it’ll be to make your retirement dreams come true.

2.   Timing is important, but not everything

There’s no right age to retire because different factors must be considered before retirement. 

Whether you’ve already chosen your retirement age or you’re still contemplating, critically thinking about it is necessary for building out what your retirement plan will look like. It doesn’t matter whether you plan to retire at 60 or later than that; being ready is what will help you make the most out of your retirement.

3.   How much money do you need to retire?

There’s no exact amount of money you need to have stacked up before retiring. Instead, the money will depend on factors such as where to retire to (living option), what you want to do, and the kind of lifestyle you want. These factors will help you estimate the amount of money you need to retire.

It’s also necessary to keep in mind the number of years of your retirement. You may need to plan for 20-30 years of retirement or more.

So, when you’re analyzing how long your savings will last, it’s a good idea to overestimate the length of years of your retirement to make sure you’ll have enough.

4.   Retirement income options

There are three major options that Canadians can use to analyze a retirement income. They include:

    Government income

There are some government income options you may be eligible for, depending on your financial situation. Some are Guaranteed Income Supplement, Canada Pension Plan, and Old Age Security.

    Employer pensions

At retirement, you may be entitled to either of the following work-related (employer) pensions – Locked-in Retirement Account, Defined Benefit Pension Plan, or Defined Contribution Pension Plan.

    Personal investments

You can utilize your investments over the past years in retirement, including assets like TFSAs, RRSPs, and Annuities.

5.   Grow your money in retirement

You don’t have to stop growing your finances; keep up the spirit when you retire. Just because you’re retired doesn’t mean you can’t continue investing and building your financial portfolio. It’s crucial to examine your retirement income and ensure you have enough to invest and save. 

When you grow your money during retirement, you’ll potentially be putting yourself in a better position to do all the exciting things you’ve been looking forward to for a long time.

Investing in a segregated fund policy that offers guaranteed protection and potential growth is one of the best options. In addition, you could consider combining segregated funds with an income annuity to give you a regular source of income during retirement.

These options will help protect your investment from market fluctuations.

6.   Retirement doesn’t mean you have to stop working

Working during retirement may not be for money only but also to keep you engaged and busy. Consider turning one of your passions or hobbies into a job. 

Working during retirement is perfect for pursuing some interests you’ve always wanted to focus on, such as photography, knitting, and so on. 

Before retirement, there’s a probability that you were a 9-5 worker who had little or no time for personal interests. Retirement is the best time to focus on developing and enjoying your passion.

7.   Spend some time focusing on health and wellness

Finances are important in retirement, but wellness and health are even more critical. Remember, health is wealth. Retirement is a great time to relax more and focus on your health.

Retirement will give you enough time to exercise and try out new hobbies. Therefore, staying physically and socially active is vital, especially during retirement.

Fortunately, retirement communities like Seasons Retirement offer services that help their residents stay active and live healthy lives. 


As you prepare your retirement checklist, make plans to move into a retirement community in one of the best towns to have a more worthwhile retirement life.

You need all the enjoyment and relaxation you can get! At this point, you shouldn’t be asking, “where should I move to?”; the question should be, “how do I reach out to the management of the retirement community?”

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