To ensure a successful retirement, you must evaluate your retirement income by taking into account the various sources of retirement income available, choose how you want to leave the labour market, and do the necessary calculations to find out whether you are saving enough for retirement. You can also consult a financial planner to help you choose the best vehicles for your personal savings. Follow the 5-step plan 
on Retraite Québec’s website.
Determine your sources of retirement income
To maintain your standard of living in retirement, you will need to replace roughly 70% of your annual gross employment income. Why only 70%? Because your expenses will generally be lower in retirement.
However, that rule does not always apply. You have to consider your employment earnings and retirement projects. Depending on your personal situation, you may need to save a higher or a lower percentage of income. If you have big plans, you'll need to save more!
Sources of retirement income include:
Find out about the best retirement strategies
The definition of retirement has changed tremendously over the past 10 years. Today, retiring does not necessarily mean that you stop working altogether. There are various ways for you to retire. Read about the financial impacts of each one.
Phased retirement allows you to reduce the number of hours you work each week. Generally speaking, you must come to an agreement with your employer to benefit from this measure. If you would like to reduce your pace, this might be the best choice for you.
A second career is possible at any age. Whether you want to make an old dream come true or just want a change of pace, starting a new career can give you a different outlook on retirement.
A full retirement is when you completely stop working, whether it is your choice or you must stop working.
Find out about the financial impacts of each of these ways of retiring by consulting Retraite Québec’s website.
Do the math
It is important to calculate the amounts you need to save to reach your retirement goals and carry out your retirement plans. Life events can affect your financial situation when you retire. In these moments, remember to carry out your calculations to obtain specific data on the income available when you retire.
Choose your savings vehicles
Which saving vehicle to choose? You're sure to get an answer with the help of your financial planner. However, it is always a good idea to know the various savings vehicles available.
Whether you invest in registered securities, equities or real estate, you are putting money away. And when it comes time to invest, the important thing is not to put all your eggs in one basket.
Last update: June 27, 2023
