Retirement success in 2026 and beyond comes down to proactive steps that keep your plan on track. Here are six key actions that separate confident retirees from those who struggle with uncertainty, higher taxes, or missed opportunities.
1. Know Exactly How Much to Withdraw from Each Account
Many people enter retirement without a clear picture of sustainable income. A strong plan doesn’t give you a rough estimate. It tells you exactly how much to draw each year from every source: RRIF, LIF, TFSA, non-registered accounts, corporate accounts, pensions, CPP, and OAS.
The plan should project cash flow out to age 90 to 95, because while life expectancy for Canadians who reach 65 is roughly mid-to-late 80s, planning conservatively for longevity is non-negotiable. Without this clarity, you’re flying blind. A precise roadmap integrated with tax planning and government benefits is what separates a real plan from a rough guess.
2. Make Sure Your Portfolio Is Actually Aligned with Your Income Plan
Once you know your required withdrawals, your portfolio needs to be structured to deliver that income reliably. If your plan calls for $30,000 from your RRIF next year, set aside roughly three years worth (about $90,000) in safe, non-market assets. This is your cash wedge.
It protects you during market corrections, which will happen. With 2 to 3 years of protected cash per account type, you avoid selling investments at a loss when markets drop. One critical detail: the cash must be in the right account. Cash in your TFSA doesn’t help if the plan requires withdrawals from your RRIF. That mismatch creates tax surprises and breaks the whole strategy. Replenish the wedge when markets are strong.
3. Stress Test Your Plan
Don’t assume your plan works in every scenario. Run realistic stress tests with your advisor. Two worth doing right away:
The mattress scenario: what happens if investment returns only match inflation (around 2 to 2.5%)? Can you still sustain your income?
The survivor scenario: if one spouse passes away earlier than expected, will the surviving spouse be okay financially?
Beyond those, talk about what genuinely keeps you up at night. Retirement timing, market volatility, longevity, healthcare costs. A good plan addresses your specific concerns and gives you real confidence, not just optimistic projections.
4. Shift Your Mindset: Actually Spend in Your Go-Go Years
After decades of saving, many retirees stay overly frugal out of habit. If your plan shows you can comfortably spend $60k, $80k, or $100k+ annually, give yourself permission to do it.
The go-go years (roughly retirement to age 75) are when you have the energy and health to enjoy your money most. Don’t defer the bucket list until later years when mobility and health may have declined. The goal is to use your money meaningfully while you can, not to leave excess behind while regretting missed experiences. If the plan says you can afford it, trust the plan.
5. Review and Update Your Estate Plan
Estate planning and retirement planning go hand in hand. Start by updating your core documents (will and power of attorney) with a lawyer. Then align your financial plan with your actual wishes.
How much do you want to leave versus spend or gift during your lifetime? Can you give to children or grandchildren now, with a “warm hand,” rather than waiting until death? For non-registered assets you may never fully spend, are there tax-efficient ways to structure those transfers? Retirement planning naturally informs estate strategy. The two should be looked at together, not in separate silos.
6. Commit to Staying Educated
A great plan is only useful if you understand it well enough to implement and adapt it. Keep learning through advisor meetings, videos, podcasts, and resources you trust. Ask questions. Review your plan annually. Stay engaged as your life changes.
Knowledge builds confidence, and confidence is what lets you make the right calls when circumstances shift, markets drop, or unexpected decisions need to be made. Retirement can last 30 years. Staying informed over that stretch is part of the job.
The Bottom Line
These six moves connect to each other. Clear withdrawal details, protected cash flow, stress testing, intentional spending, estate alignment, and ongoing education all work together to build a retirement that’s not just financially sound but actually enjoyable.
If your current plan lacks any of these elements, a comprehensive review with a retirement income specialist is worth the conversation. Small adjustments now can make a significant difference over the decades ahead.