Retirement planning tends to get pushed off until it feels urgent, but the plans that work best are usually built well before that point. Here are five signs it’s worth starting the conversation.
- You’re Within About 10 Years of Retiring
This is typically the window where decisions start to have less room to correct if something goes wrong. It’s not too early, it’s actually the ideal time to move from saving to planning how that savings becomes income.
- You’re Not Sure How Your Savings Turn Into Income
Having money saved and having a plan for drawing it down are two different things. If you couldn’t say, with any confidence, how much monthly income your current savings could realistically support, that’s a sign the second part hasn’t been built yet.
- You Haven’t Thought Through When to Start Government Benefits
When you choose to start CPP and OAS can meaningfully affect your total retirement income, and the right timing depends on your full financial picture, not a general rule of thumb.
- You Have Savings Scattered Across Old Employers
Multiple old workplace accounts that have never been reviewed together often mean nobody has looked at your full retirement picture at once, including how those accounts are invested relative to each other.
- A Major Life Change Has Shifted the Picture
An inheritance, a business sale, a health change, or a shift in a spouse’s plans can all change what retirement looks like financially. Any of these is a natural point to revisit, or build for the first time, an actual income plan rather than assuming the original plan still applies.
Starting the Conversation
None of these signs mean something has gone wrong. They just mean it’s a good time to move from general saving to a specific plan for turning that saving into retirement income.
