Retirement checklist for your money
(NC) To help you manage your finances as you begin your retirement, the Financial Consumer Agency of Canada offers some tips:
• Update your budget to reflect changes in income and expenses.
• Apply for private and public pensions.
• Look into whether you qualify for other benefits and tax credits.
• Update your insurance coverage.
• If you keep working, check how this affects your pension benefits.
• Consider pension splitting to minimize taxes.
• Plan for a possible loss of independence.
• Update your will.
• Consider the cost of spending extended periods outside Canada.
Visit itpaystoknow.gc.ca or consult a financial planner for more suggestions on retirement financial planning.
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