Retirement planning is an evolving process. The questions change as savings grow and retirement moves closer, but you can begin at any age and revisit any phase.
Four phases keep the next decision visible.
These phases are guides, not age limits or a checklist you must complete in order. Choose the one that best describes the decision in front of you.
- 1Build Your Foundation
Start saving, prepare for surprises and create a first retirement picture.
- 2Save & Invest
Grow the nest egg and understand how the portfolio supports the goal.
- 3Prepare for Retirement
Bring timing, pensions, accounts, spending and investment risk together.
- 4Turn Savings Into Income
Decide how savings may help provide retirement income and how the plan will be reviewed.
Where to begin
Choose the question—not your age.
Someone in their forties may be preparing for an early retirement. Someone already retired may return to saving or portfolio basics after a life change.
The same plan can become more detailed gradually.
Early on, timing, savings and a rough monthly spending goal may be enough. Closer to retirement, benefit estimates, account balances, pension choices and changing spending deserve more attention. In retirement, the focus shifts toward cash flow, withdrawals, risk and regular review.
More detail is useful when it changes a decision. It does not need to be added merely because a field exists.
A checkpoint
Which phase sounds closest to your current question?
Choose one sentence—not a permanent label. You can move between phases freely and use the same underlying planning tools.
Related next step
Choose a phase, then return to the plan as facts change.
The annual review guide shows how to update facts and record one next action without rebuilding everything.
Sources and useful places to continue
- Government of Canada: Canadian Retirement Income Calculator (opens in a new tab) — the official calculator and its list of information to gather.
- Financial Consumer Agency of Canada: planning and saving for retirement (opens in a new tab).
- Government of Canada: sources of income during retirement (opens in a new tab).
External resources are provided for convenience. Retired Kevin is not affiliated with or endorsed by these organizations.