Service Canada: CPP statement of contributions
Your CPP statement shows projected benefits at 60, 65, and 70. Required input to timing decisions.
Service Canada: My Account →Stage · Planning your retirement in Canada
De-risking in the decade before retirement
The sequence-of-returns risk window. A 40% equity drop at age 62 hurts far more than the same drop at age 35. This stage is about reducing volatility without abandoning growth.
What to do this week
- Review your asset allocation. The classic target glidepath moves from 80-90% equities at 30 to 50-60% equities at retirement.
- Build a cash and GIC ladder to cover 2 to 3 years of expected withdrawals, so you never have to sell equities at a low.
- Run a withdrawal simulation. Changing asset mix without seeing the drawdown impact is guessing.
What to avoid
- Chasing yield with high-dividend equity funds as a bond substitute. They still carry equity risk; one bad year proves it.
- Buying annuities without shopping at least three providers. Rates vary meaningfully.
- Ignoring CPP timing. Delaying CPP from 60 to 70 increases the monthly benefit by 42% for life, adjusted for inflation.
Calculators for this stage
Forms to file at this stage
Frequently asked
When should I start CPP?
Mechanical answer: delay CPP as long as your savings, pensions, and part-time income allow. Each year delayed from 65 to 70 adds 8.4% to monthly benefits for life. Break-even for delayed CPP is roughly age 82.
Do I need bonds if I have a pension?
A defined-benefit pension acts like a bond. Some planners treat pension value as the bond portion and hold remaining savings in equities.
Should I move TFSA and RRSP to cash before retirement?
No. The goal is a cash cushion for the next 2 to 3 years of withdrawals, not a full de-risking. Equities still do most of the heavy lifting over a 30-year retirement.
Next stage
Drawing down in retirement →