Creating a comprehensive retirement income plan is the best way to determine how financially ready you are. This plan will help you realistically estimate your income and expenses during retirement, and make sure you don’t exhaust your asset base prematurely. At this stage of life, you’re probably shifting your focus from accumulating assets, to finding the most efficient way to draw a lasting income to support the lifestyle you want. You may likely be considering options to convert your RRSP into an annuity or a Registered Retirement Income Fund (RRIF). There are a few other options to consider:

Checklist for retirement income options:

Government programs – find out what you expect from these types of programs when you reach retirement age.
Canada Pension Plan (CPP – for Quebec residents, the Régime des rentes du Québec applies) – check with the Service Canada office near you to find out how much you can expect from the CPP – once a year, you can request a detailed calculation of your retirement benefit based on your contributions to date.
Sharing CPP retirement pension – If you and your spouse/common law partner are age 60 and over, consider whether it’s worthwhile to jointly share your CPP retirement pensions.
RRSP maturity options – Consider all of the maturity options available to you. Whether you choose to transfer your assets to a RRIF or annuity, you must choose a maturity option by the end of the year in which you turn 71.
Workplace pension – If you belong to a pension plan, talk to your employer about provisions for early retirement, and how much pension income you would receive.
Partner’s pension plan, investments, RRSPs – know where they are, what they are invested in and what you’re entitled to if your spouse or partner dies. Remember, your spouse’s RRSPs and RRIFs can be transferred to you without tax consequences upon death.

Remember, there are many ways to structure your investments between you and your partner to take advantage of income-splitting strategies to minimize your taxes.