NL - Retirement and Savings Options Tool

NL - Retirement and Savings Options Tool
Preview Tool (PDF)

Newfoundland & Labrador edition


Thinking about retiring?

  • There are many programs that are created to help seniors with retirement.
  • You must apply to the programs in order to get the benefits.
  • To learn about some of the government programs for seniors, please read the Accessing and Optimizing Pensions and Public Benefits pocket tool.
  • It is important to think about how much money you will need as you retire and age.
  • Closely monitor your investment account, and make sure you understand the statements that come from your bank or brokerage firm.
  • Many people consider saving for retirement by investing in some type of savings account such as a Tax Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP) where the investment income is not taxed while in the account.
  • Your best investment strategy may be to pay down your debt (credit card, mortgage debt, etc).
  • If housing in your area is affordable, the best way to save might be through home ownership.
  • If you’ve accumulated substantial savings or sold your home and wish to convert the savings into a lifetime pension, then you might wish to consider annuities.
  • Life annuities can be a helpful source of income during retirement, depending on one’s personal circumstances, because they pay out a guaranteed monthly stream of income.
Please fill out the form below if you would like to order printed versions of the selected Tool. The tool is free, but shipping and handling will be charged. We will get back to you with the details. If you want to print a PDF version of the tool yourself - please click on the "PREVIEW" link above.
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National Initiative for the Care of the Elderly (NICE)
246 Bloor Street West, Room 234
Toronto, Ontario M5S 1V4, Canada