Top Retirement Questions Answered: What Canadians Ask Before Retiring

People approaching retirement often share the same questions, even if their situations look very different on paper.

• How do I save on taxes?

• Do I have enough to retire?

• Does my lifestyle have to change?

We hear these retirement questions every week.

So we thought it was a good time to respond to some of the most common concerns Canadians have as they get closer to retirement.

1. “Do I have enough to retire?” 

Response:

Most people are financially closer than they think, but emotionally less prepared than they expect. 

But being “ready” can mean different things to different people. 

Have you reached a savings milestone that will allow you the freedom to live the lifestyle you want?

Or did you plan a combination of income, lifestyle and purpose to align with your lifestyle?

The biggest hurdle any retiree has is nailing down a plan, following it and having that leeway for life’s sneaky problems. 

2. “Do I really need a full retirement plan?”

Response:

Life is unpredictable and it throws curveballs when we think everything is going right.

That’s why having a plan can help navigate those moments of uncertainty. 

That’s why we believe it’s best to take a proactive approach over a reactive one.

You want to be in a position to take on life’s challenges with confidence rather than questioning your whole plan at every turn.

3. “How much retirement income can I safely take each year?”

Response:

There’s no universal percentage that works for everyone. 

What matters more is:

• how consistent it is

• where your income comes from

• how flexible your spending can be 

…but most importantly, what you need to have in order to meet your needs on an ongoing basis.

Because a good plan focuses on reliable cash flow first.

4. “When should I start taking CPP in retirement?”

Response:

Early, on time, or delayed, depending on your health and household income. 

But for couples, the decision should almost never be made in isolation. 

Your CPP should be a coordinated decision that’s connected to an overall plan, and considered within the overall cash flow plan for your life.

5. “Should I pay off my mortgage before retiring?”

Response:

Being debt-free can provide peace of mind, but it might not always be the most efficient move. 

The real question is whether your cash flow feels comfortable and predictable. 

Retirement is about sleeping at night in peace, and not just about minimizing balances.

This is something often best answered by working with a professional to do the math about what is the best financial option, then choosing the route that allows you to sleep at night and still works within your plan.

Keep reading on for more Top Retirement Questions Answered: What Canadians Ask Before Retiring.

6. “What’s the biggest mistake retirees like me make?”

Response:

The biggest is letting your fear drive your decisions. 

We see it all the time when retirees either spend too conservatively and don’t enjoy retirement or they spend too much of it and become volatile in the more stressful moments. 

The cost of your emotional and mental health outweighs market downturns themselves.

7. “How much risk should I be taking now?”

Response:

Risk is always present in any investment plan. 

The goal isn’t to avoid it, but learning to avoid the wrong type of risk that can derail your plan completely. 

We always say structure and discipline can help weather the storms. That includes investing in a way that addresses what you will need both now and in the future.

8. “How much cash should I keep?”

Response:

Enough to sleep at night but not so much that inflation quietly erodes your purchasing power.

Cash should help you design for stability, flexibility, and opportunity. 

Excess cash without a plan often becomes a hinderance.

9. “What happens to my taxes when I retire?”

Response:

Unfortunately, there’s no way around taxes. 

Instead they become different. 

Government benefits, registered withdrawals, and investment income all interact in different ways in retirement.  

But the biggest opportunities come from being able to plan withdrawals when you have the flexibility to do so.

10. “How do I help my adult children without hurting my retirement?”

Response:

A plan to help your children should take into account your own security. 

It’s why on flights they show you to put your own mask on before anyone else’s.

Because clear boundaries protect both your finances and your relationships.

What's the Last Top Retirement Questions Answered: What Canadians Ask Before Retiring?

11. “What if I’m wrong?”

Response:

This might be the most important question.

Retirement isn’t about being wrong or right — it’s about being ready and strategic.

Would you rather have a cruise ship captain on their maiden voyage or someone with

hundreds of successful trips?

That’s why we believe the best way to navigate the unknowns in retirement is to

speak with an advisor. 

Have more questions about retirement?

Many of the topics covered here are explored in more depth during our upcoming retirement education seminar. 

Learn what it covers here https://www.morethanmoneyradio.com/seminar-registration

This commentary is for discussion and informational purposes only and should not be interpreted as a recommendation, an endorsement, or solicitation of any investment strategy, or to buy, hold or sell any security. Individual circumstances and current events are critical to sound planning; anyone wishing to act on the information presented should consult with his or her financial, legal or tax advisor.

David Popowich and Faisal Karmali are Investment Advisors with CIBC Wood Gundy in Calgary.

The views of David Popowich, Faisal Karmali, and the guest author and referenced material do not necessarily reflect those of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.