Step 2: Determine your retirement income and sources
The purpose of this step is to clarify your goals, provide you with professional modeling of your expected retirement income and help you manage the choices and risks associated with the production of income.
Cash flow exercise
Complete the cash flow exercise for a monthly analysis of how your expenses will affect your finances and your retirement goals. Understanding where your money goes each month will help you and your advisor determine how much income you'll need to meet your lifestyle and financial goals in retirement.
Tip:
When it comes to making your money last throughout retirement, there are many factors to consider, including your health, age, hobbies and interests.
Download the cash flow exercise
Did you know?
38% of Canadian physicians were semi-retired before going into full retirement
- 31% for 1-2 years
- 34% for 3-5 years
- 13% for 6-9 years
- 23% were semi-retired for 10 years or more.
Based on recent CMA and MD Physician Services research
