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.
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National Initiative for the Care of the Elderly (NICE)
246 Bloor Street West, Room 234
Toronto, Ontario M5S 1V4, Canada