Not having a written income plan
Know where your income will come from and how much you can safely spend. A written plan reduces uncertainty and avoids random withdrawals.
Who we help · Singles
Retirement for Singles
Planning independently. Retiring with confidence.
Retirement planning on your own is different. You may not have a partner’s income, pension, benefits or support to rely on, so your plan needs to be clear, practical and built around your independence.
Whether you have always been single, are widowed, divorced or separated, the question is the same: will your plan support the life you want, and protect you if life changes? Retirement IQ brings your income, investments, taxes, estate documents, housing and health-care planning into one clear roadmap.
Why it is different
Less room for guesswork, so the plan should be intentional.
You may be relying on one income, one portfolio and one set of savings. Housing, health care, long-term care and who would step in if you needed help all deserve more careful thought.
That does not mean retirement has to feel uncertain. It means the plan should be deliberate: clear on income, protective of your independence, and specific about who you trust and what you want.
Planning on your own is about more than “Do I have enough?” It is about a plan that supports your lifestyle, your security and your ability to make decisions. We help you work through questions like these:
- Will my money last if I am planning on my own?
- How much income will I need each month?
- When should I take CPP and OAS?
- Which accounts should I draw from first?
- How should my investments balance income and growth?
- What happens if I need care later in life?
- Should I stay, downsize, rent or move closer to family?
- Who would make decisions if I could not?
- Are my will, powers of attorney and beneficiaries up to date?
What to be careful of
Six things to watch for.
Underestimating longevity
Your money may need to last 30 years or more, with no partner’s income to fall back on.
Leaving care planning for later
Home support, assisted living and long-term care can become major issues. Think now about how care would be paid for and where you would want to live.
Not naming the right trusted people
Your powers of attorney, executor and emergency contacts are especially important. Choose them carefully and review them regularly.
Keeping outdated documents
Your will, beneficiaries, insurance and registered accounts should reflect your wishes today, particularly if your family situation has changed.
Too much, or too little, investment risk
Some people hold too much cash out of fear; others take too much risk to catch up. Your strategy should match your income needs and comfort level.
Common risks
The risks that matter most.
Income riskYour income may not support your lifestyle over time.
Longevity riskYou may live longer than planned and need your money to last.
Health and care riskFuture health needs or long-term care costs could affect your security.
Housing riskYour home could become too costly, too large or no longer suitable.
Decision-making riskNo one may be clearly appointed to act for you if you are unable to.
Estate riskYour will, beneficiaries or executor choices may be unclear or outdated.
Investment riskYour portfolio may not match your income needs or timeline.
Family and support riskHelping adult children, parents or siblings could strain your plan.
Checklist
Retirement for singles checklist
A quick starting point. Tick each statement that is true for you today.
01
Discover your retirement picture
Your income, savings, pensions, benefits, housing, health considerations, documents and goals.
02
Identify gaps, risks and blind spots
Blind spots: income gaps, tax, investment risk, care needs, housing and who would act for you.
03
Build your retirement income strategy
How CPP, OAS, pensions, RRSPs, TFSAs and savings combine into a reliable income.
04
Align investments with retirement outcomes
A portfolio matched to your income needs, timeline, tax situation and comfort level.
05
Plan for taxes, estate and family transitions
Tax-efficient withdrawals, wills, powers of attorney, beneficiaries, executor and legacy wishes.
06
Review, adjust and manage over time
Regular reviews as markets, tax rules, health, housing and family needs change.
Questions people ask
Frequently asked questions
How much do I need to retire as a single person in Canada?
It depends on your spending, housing, health and how long your money must last, not a single rule of thumb. A written plan compares your expected income from CPP, OAS, pensions and savings against a realistic budget, and tests it for a long life.
What happens to my RRSP or RRIF when I die if I am single?
Without a spouse to roll it over to, the full value of an RRSP or RRIF is generally taxed as income on your final tax return, which can push much of it into the top tax bracket. A financially dependent child or grandchild can sometimes receive it with tax deferred. Planning withdrawals during your lifetime can reduce the tax at death.
Who makes decisions for me if I cannot?
The people you name in a power of attorney for property and one for personal care (in British Columbia, a representation agreement; in Alberta, a personal directive). Without them, a family member may need to apply to court. Rules and names differ by province.
Should I delay CPP and OAS if I am single?
Delaying increases your lifetime guaranteed income, which can be valuable when there is no partner’s income to fall back on. CPP rises 0.7% for each month after 65 up to age 70, and OAS rises 0.6% for each month deferred, up to age 70. Whether it suits you depends on your health, savings and other income.
Should I plan for long-term care?
Yes. Think about how home support, retirement residences or long-term care would be paid for, where you would want to live, and who would help coordinate care.
General information only. Rules differ by province and change over time; your situation should be reviewed individually.
The goal
Independence, with a plan behind it.
Planning retirement on your own does not mean doing everything alone. A thoughtful plan shows where your income comes from, how long your money may last, which risks need attention and who should be involved if life changes.
It is about knowing how your money will support the life you want to live.
Ready to build your independent retirement plan?
You do not need every answer before starting. That is the point of the process. Take the Scorecard or book a Retirement Clarity Call to find the questions, risks and opportunities in your retirement as a single person.
Prefer to start with numbers? Try the free Retirement Budget Planner. Getting your family ready? Get the free Red Folder checklist.