The retirement checklist 101: Key steps to discuss with clients

Guiding clients through the complexities of retirement planning is a core part of your value as a Financial Advisor—a task made even more pressing by surveys that show over 75% of Canadians are worried they won’t have enough money in retirement, highlighting the importance of clear, proactive planning.

Financial Advisors are uniquely positioned to manage the many details involved, from savings goals to retirement income planning strategies. This ensures your clients feel confident and prepared for the future.

By offering personalized solutions, you can help clients achieve their goals and transition into a secure and fulfilling retirement. This article provides a detailed retirement planning checklist designed to streamline your client conversations and ensure every critical step is covered. We will explore savings targets, risk management, and income strategies in a clear, actionable format.

Main takeaways from this article:

• A retirement checklist gives Financial Advisors a structured process to guide clients from setting goals to creating sustainable income plans.
• Reviewing savings, pensions, real estate, and other assets helps identify gaps early and make timely adjustments.
• Coordinating government benefits, pensions, and withdrawals creates a reliable, tax-efficient income stream in retirement.
• Stress-testing plans for healthcare costs, market downturns, and longevity ensures clients can manage unexpected risks.
• Estate and legacy planning align client wishes with tax-efficient strategies, providing peace of mind for the future.

Retirement checklist for Financial Advisors

To ensure a comprehensive and successful retirement planning process, it helps to have a documented process you can repeat and improve as you learn. This retirement checklist provides a framework for you to guide your clients through key considerations, from establishing goals to creating a sustainable retirement income plan.

1. Establishing retirement goals

A clear understanding of your client’s retirement vision is a key first step. By understanding their aspirations, you can tailor a plan that aligns with their unique needs and priorities, ensuring a fulfilling retirement experience.

When to do this

There are numerous approaches to timing retirement planning, but one common method is:

• Start: 10+ years before retirement
• Refine: ~5 years out
• Reassess closely: ~1 year out
• Confirm admin details: ~6 months out

Retirement plans are fluid, so goals should be monitored and adjusted continuously as life circumstances, market conditions, and client priorities change.

Checklist

• Confirm target retirement age(s) and expected duration (client and partner)
• Define lifestyle priorities (travel frequency/budget, part-time work/encore career, hobbies, volunteering, family caregiving)
• Differentiate “must-haves” vs. “nice-to-haves” to guide trade-offs if a savings gap appears
• Estimate annual expenses by separating fixed costs (housing, insurance, healthcare) that must be covered from variable costs (travel, leisure, charitable giving, discretionary spending) that can be adjusted to provide flexibility when markets or circumstances change

  Did You Know?

  The average household expenditure for Canadians aged 65+ is about $61,855 per year, or $5,154 monthly. Advisors can consider using this as a benchmark and starting point for those clients who may not have an existing budget.

   

• Identify major milestones (downsizing, vehicle replacement, cottage/second home decisions, business sale, one-time trips)
• Capture family/dependent considerations (support for adult children/parents, education or gifts for grandchildren)
• Record spending flexibility & comfort with volatility (helps later with withdrawal and investment glidepath choices)
• Document communication preferences & meeting cadence (quarterly/biannual) to keep the plan relevant and actionable

Data to capture 

• Names/DOBs, marital status, province of residence
• Preferred retirement date(s) and early/late ranges (e.g., 62–67)
• Baseline and “stretch” travel budgets (annual + one-time)
• Planned housing changes (timing and estimated proceeds/costs)

Use Snap Projections to visualize the impact of different retirement scenarios. You can demonstrate how extending the retirement age or adjusting travel plans can significantly influence long-term savings needs.

2. Assessing current savings and assets

Once you establish your client’s retirement goals and estimate their expenses, it’s time to take a comprehensive look at their current financial situation.

When to do this

There are numerous approaches to timing this step, but one common method is:

• Start: 10+ years before retirement
• Refine: ~5 years out with updated valuations and projections
• Reassess: ~1 year out, ensuring all account information and balances are accurate
• Confirm: ~6 months out, consolidating accounts where appropriate

Retirement planning is fluid, so savings and assets should be reassessed regularly as markets and personal circumstances change.

Checklist

• Review registered accounts (RRSPs, RRIFs, TFSAs, LIRAs, pensions)
• Capture workplace pension details (defined benefit, defined contribution,, survivor benefits, commuted values)
• Record non-registered accounts, GICs, mutual funds, ETFs, and other investments
• Document real estate (principal residence, rental properties, vacation homes)
• Identify liquid assets (savings, cash equivalents)
• Consider inheritances or expected windfalls
• Run a savings gap analysis (income projections vs. retirement expense estimates)
• Discuss adjustments if a gap exists (increase contributions, delay retirement, adjust spending assumptions)

Data to capture

• Account balances and contribution/withdrawal history
• Pension statements and defined benefit/defined contribution plan documentation
• Investment policy statements or portfolio allocations
• Real estate values, mortgages, or rental income
• Any anticipated inheritance or business sale value

To get a holistic view of your client’s savings progress, enter all their assets and savings into Snap Projections to identify potential shortfalls. The software provides an instant, transparent view of their financial situation.

3. Structuring retirement income streams

After assessing your client’s current financial situation, focus on understanding how they will generate income during retirement. Map out how different income sources—government benefits, pensions, savings, and annuities—fit together to provide sustainable, tax-efficient retirement income.

When to do this

There are several ways to complete this step, and a common approach includes:

• Start: ~5 years before retirement with preliminary planning
• Refine: ~1 year out, modelling multiple withdrawal options
• Confirm: ~6 months out, finalize elections/applications for CPP, OAS, pensions

Income strategies should be revisited continuously in retirement as tax rules and spending needs change.

Checklist

• Review CPP/QPP eligibility, contributions, and timing options
• Assess OAS eligibility and potential clawbacks
• Document employer pension income (defined benefit/defined contribution, survivor benefits, commuted values)
• Consider annuities or guaranteed income products (if part of client’s strategy)
• Outline withdrawal sequencing (RRSP, TFSA, non-registered)
• Model the tax impact of different withdrawal orders in Snap Projections
• Stress test income sustainability against longevity and market downturns

Data to capture

• CPP/QPP contribution statements (Service Canada/Retraite Québec)
• OAS eligibility and residency years
• Pension plan documentation and payment options
• Registered and non-registered account balances with tax attributes
• Desired income floor (must-have monthly income vs. flexible spending)

Snap Projections allows Advisors to compare different withdrawal strategies in real-time. For example, you can model the impact of RRSP vs. TFSA sequencing, illustrating the tax implications and potential impact on income longevity for each approach.

4. Managing risk in retirement

Retirement can bring unexpected expenses, making it crucial to have a plan in place to address these potential challenges and consider things such as long-term care.

A HOOPP study shows long-term care in Canada can cost anywhere from $25,000 to over $200,000 annually, yet three-quarters of Canadians have made no provision for it. This makes stress testing retirement plans in Snap Projections critical for demonstrating resilience against such high-impact risks.

When to do this

There are several ways to complete this step, and a common approach includes:

• Start: 10+ years before retirement (investment and insurance strategy)
• Refine: ~5 years out (update coverage, rebalance risk exposure)
• Finalize: ~1 year out (confirm safety nets and contingencies)
• Ongoing: Review annually in retirement

This is not a one-time step; risk should be reassessed annually throughout retirement to reflect health, market, and lifestyle changes.

Checklist

• Review investment risk tolerance and capacity (growth vs. preservation balance)
• Confirm healthcare and insurance coverage adequacy (life, disability, long-term care)
• Plan for healthcare out-of-pocket costs not covered by provincial plans
• Recommend an emergency reserve for unexpected expenses
• Stress test plan in Snap Projections for market volatility, inflation shocks, or healthcare costs
• Evaluate survivorship and dependent protection needs

Data to capture

• Current insurance policies, coverage amounts, and expiry dates
• Investment portfolio allocations and benchmarks
• Historical health data and family medical history (if relevant)
• Healthcare premiums, prescription costs, and projected inflation

Snap Projections provides a stress-testing feature to simulate scenarios like market downturns or unexpected healthcare costs. This helps you assess the resilience of a client’s plan and make adjustments to reduce risk.

5. Tax planning for retirement

The better your tax planning for your clients, the better their retirement and financial well-being will be.

When to do this

There are several ways to complete this step, and a common approach includes:

• Start: ~5–10 years before retirement (broad strategies)
• Refine: ~1–5 years out (model tax-efficient drawdown strategies)
• Ongoing: Annually in retirement, as income and tax rules change

Tax planning is ongoing, as income sources and tax rules change regularly.

Checklist

• Model withdrawal sequencing in Snap Projections (RRSP/RRIF, TFSA, non-registered)
• Review pension income-splitting opportunities
• Assess CPP/OAS timing for tax efficiency and clawback reduction
• Document eligible tax credits and deductions (medical, charitable, age amount)
• Consider estate tax implications (deemed disposition at death, RRSP/RRIF inclusion)
• Stress test after-tax income sustainability

Data to capture

• Latest tax returns
• RRSP, TFSA, non-registered account balances with cost basis details
• Government benefit statements (CPP, OAS)
• Estate documentation outlining asset ownership structures
• Charitable giving plans and amounts

In Snap, Advisors can model tax-efficient scenarios in real-time to show the long-term impact of different withdrawal strategies, such as RRSP vs. TFSA sequencing.

6. Estate and legacy planning

To develop a successful estate plan, it is essential to understand what your clients want for their legacy.

When to do this

There are several ways to complete this step, and a common approach includes:

• Start: ~10 years before retirement (wills, POAs, basic estate structures)
• Refine: ~5 years out (charitable giving strategies, beneficiary updates)
• Reassess: ~1 year out and re-confirm ~6 months out (all documentation current)

These plans should be monitored and updated continuously, particularly after major life changes such as marriages, divorces, births, or deaths.

Checklist

• Coordinate with the client’s lawyer and other professionals to review and update wills, powers of attorney, and healthcare directives
• Confirm and update beneficiary designations on accounts and policies
• Discuss legacy goals (family support, charitable giving, wealth preservation)
• Explore charitable giving strategies (securities donations, donor-advised funds)
• Estimate estate taxes using Snap Projections’ modelling
• Review the need for trusts or estate freezes where applicable

Data to capture

• Will and estate planning documents (most recent versions)
• POA and healthcare directive records
• Beneficiary designations for RRSPs, TFSAs, pensions, and insurance
• Charitable donation plans and estimated values
• Family member contact information and executor details

Using Snap Projections, you can illustrate the financial and tax implications of various estate planning decisions. Model the effects of inheritance allocations, visualize charitable giving options, and assess potential estate tax liabilities.

7. Creating an actionable plan

When all key aspects of your client’s retirement plan have been discussed, move on to translating the information into a concrete plan.

When to do this

There are several ways to complete this step, and a common approach includes:

• Start: Immediately after initial planning discussions
• Refine: At every major life/financial milestone
• Confirm: After final pre-retirement meeting (~6 months out)
• Ongoing: Annually in retirement with check-ins

This is an ongoing process, requiring regular check-ins and updates throughout retirement to keep the plan aligned with changing client needs.

Checklist

• Convert goals and strategies into specific, measurable, time-bound action steps
• Provide clients with a written plan or one-page SnapShot summary
• Schedule regular check-ins (annual or semi-annual) to track progress
• Adjust projections as life events, markets, or client priorities change
• Engage family members in discussions where appropriate
• Document all meeting notes and client deliverables for compliance

Data to capture

• Action items with owners and due dates
• Client communication preferences (email, portal, in-person)
• Snap Projections reports provided (version/date)
• Family member involvement preferences
• Compliance documentation and file notes

Snap Projections offers a one-page ‘SnapShot’ report that provides a concise and visually engaging summary of your client’s retirement plan. This report can be easily shared with clients and used as a reference during check-in meetings.

Simplify retirement planning with Snap Projections

Tired of working with complicated spreadsheets and endless calculations throughout your retirement planning processes for clients? It’s time to ditch the old methods and switch to Snap Projections, the sophisticated software for retirement planning.

Snap Projections simplifies retirement planning for you and your clients. This powerful software offers a user-friendly interface for visualizing retirement goals, modelling different scenarios, and making informed decisions with confidence. Empower your clients to see the impact of their choices and build a secure financial future.

Financial Advisors can start a 14-day free trial of Snap Projections today, improve planning processes, and watch their client relationships flourish. 

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