At Bilyk Financial, we help Canadians retire confidently, not just comfortably. Whether you’re 5 years out or ready to hand in your notice, the right preparation can mean the difference between “just getting by” and thriving in your golden years. Here’s the pre-retirement checklist you didn’t know you needed, crafted specifically for Canadians who want to retire happy.
1. Know Your “Enough” Number
You’ve probably heard the rule of thumb: you need about 70-80% of your pre-retirement income to maintain your lifestyle. But the truth is, there’s no one-size-fits-all number.
Your “enough” depends on:
- Your lifestyle and spending habits
- Your debts
- Travel plans or big purchases
- Healthcare expectations
- Where you live (a small town in Manitoba vs. downtown Vancouver makes a difference!)
At Bilyk Financial, we calculate your retirement “magic number” based on your actual goals, not just financial formulas. This personalized approach gives you clarity and confidence.
2. Maximize Government Benefits (Without Guesswork)
Canadian retirees can access several income sources:
- Canada Pension Plan (CPP)
- Old Age Security (OAS)
- Guaranteed Income Supplement (GIS) for lower-income individuals
But here’s the catch: the timing of when you start taking these benefits can dramatically impact how much you receive. Delaying CPP, for example, can increase your monthly payments by over 40%.
We help you:
- Determine the best time to take CPP and OAS
- Minimize clawbacks
- Layer these benefits strategically with your personal savings and pensions
3. Create a Tax-Smart Withdrawal Strategy
Most retirees have savings spread across multiple accounts, RRSPs, TFSAs, non-registered investments, pensions. But withdrawing from the wrong account at the wrong time can cost you thousands in taxes over time.
That’s why you need:
- A decumulation plan: how and when to draw down your assets
- A strategy to minimize OAS clawbacks
- Smart RRSP to RRIF conversions
- Tax-efficient withdrawal from corporate accounts (for business owners)
Our advisors at Bilyk Financial specialize in tax-efficient income planning, helping you make the most of every dollar you’ve saved.
4. Build an Inflation-Proof Plan
Remember when a loaf of bread cost a buck? Inflation is real, and in retirement, it can quietly erode your purchasing power if your investments don’t keep up.
That’s why we build portfolios that:
- Generate stable income
- Include inflation-protected securities
- Align with your risk tolerance and your long-term needs
You don’t have to take wild market swings to protect your future. We help you invest wisely so your money grows safely, even in retirement.
5. Eliminate (or Strategically Manage) Debt
Not all debt is bad, but high-interest debt in retirement? That’s a no-go.
Here’s what we look at:
- Should you pay off your mortgage before retiring?
- Is it better to keep low-interest debt and invest instead?
- How do lines of credit or reverse mortgages factor in?
We give you clear answers, not guesswork, so you enter retirement with a clean financial slate.
6. Don’t Forget About Health and Long-Term Care
Canada’s healthcare system covers a lot, but not everything. Prescription medications, dental care, and long-term care facilities can come with significant out-of-pocket costs.
We help you:
- Estimate future healthcare costs
- Explore private insurance options
- Budget for unexpected medical expenses
- Include caregiving support (for you or your spouse) in your plan
Health is wealth, and your financial strategy should reflect that.
7. Revisit Your Estate Plan
Retirement isn’t just about you, it’s also about what happens after you’re gone. If you haven’t updated your will or power of attorney in the last 5 years, it’s time.
We help ensure:
- You have a valid, up-to-date will
- Beneficiaries are named correctly (especially on RRSPs, TFSAs, insurance)
- You’ve considered trusts or charitable giving
- Your estate is structured to minimize taxes and maximize impact
An estate plan isn’t just a document, it’s a gift to your loved ones.
8. Fill the Retirement “Time Gap”
Most people plan how they’ll afford retirement. Fewer plan how they’ll live it.
The truth is, transitioning into retirement can feel disorienting, especially for those who strongly identify with their careers. That’s why we also encourage clients to:
- Think about what they want their days to look like
- Volunteer, travel, or take up hobbies
- Prepare emotionally for a new routine
It’s your time. Make sure it’s meaningful.
9. Run a “Practice Retirement”
Not sure you’re ready? Try living like you’re retired for 3-6 months before you make it official. Use only the income you’d have in retirement and stick to your post-retirement budget.
This test run will:
- Reveal any spending surprises
- Show how emotionally ready you are
- Let you tweak your plan before it’s permanent
We help clients set up a trial retirement to iron out the wrinkles before they clock out for good.
Are You Really Ready to Retire?
| Area | Green Light | Yellow Flag | Red Alert |
| Income Plan | Multiple income streams secured | Some income sources set | No clear income strategy |
| Debt | No high-interest debt | Manageable low-interest debt | Major outstanding debts |
| Estate Plan | Will & POAs up to date | Needs minor updates | No plan or outdated will |
| Healthcare Planning | Private coverage secured | Some cost estimates made | No plan for future costs |
| Emotional Readiness | Excited and engaged | Unsure about new routine | Dreading the transition |
| Tax Strategy | Plan to minimize taxes | Limited knowledge | Withdrawing randomly |
Start Planning Today, Retire Happy Tomorrow
Retirement isn’t just a date on the calendar, it’s a lifelong dream that deserves careful planning, smart strategy, and trusted guidance.
At Bilyk Financial, we go beyond the basics. We build real relationships, offer personalized plans, and guide our clients every step of the way toward a fulfilling, financially secure retirement.
Don’t leave your future to chance. Let’s create a retirement roadmap that gets you there with clarity, confidence, and maybe even a little celebration.
Contact a Trusted Financial Advisor Today
📧 Email: hello@thebilykteam.ca
📞 Call: 780-632-6770
🌐 Visit: https://bilykfinancial.com/