Once you turn 71, your RRSP can be transferred tax-free to a Registered Retirement Income Fund (RRIF). You must withdraw a minimum amount annually from your RRIF, but can invest up to a 5 year term to continue growing your money.
Every Canadian over the age of 18 that earns a wage has contributed money towards the Canada Pension Plan (CPP). All contributions are protected and will help you and your family once you retire or are no longer able to work.
It is just as important to have your assets protected when you retire as it is when you are a full-time wage earner. Consider some insurance changes you may need to make. A good life insurance policy will protect your assets for your heirs and continue any income for the people who depend on it. Health insurance can be a great help if you become sick and need special medical care. Make sure you choose the policies that are right for you and your family, and don’t get talked into getting more than you need.