Making major decisions too quickly
Some steps are time-sensitive, but selling the home, changing investments, gifting money or large purchases can usually wait until you have a clear picture.
Who we help · After a loss
Retirement After a Loss
Rebuilding clarity after losing a spouse or partner.
Losing a spouse or partner changes more than your finances. It can change your income, your home, your routines, your confidence and the decisions you now make on your own.
There may be accounts to review, benefits to claim, documents to update and family decisions to make, all while grieving. Retirement IQ helps you slow things down, see what needs attention now and what can wait, and rebuild your plan one step at a time.
Why it is different
The plan changes the day a spouse passes away.
Household income may drop. Pension and survivor benefits need review, tax filing changes, and accounts, insurance and documents may all need attention. Sometimes the surviving partner was not the one who handled the money, which makes it harder still.
A good plan after a loss answers three questions in order: what needs to be done now, what should be reviewed before major decisions, and what to plan for the next stage of life.
Planning after a loss is not just about numbers. It is about regaining a sense of control. We help you work through questions like these:
- Where do I stand financially now?
- What income will continue, and what may change?
- Will I still have enough to support my lifestyle?
- What happens to pensions, CPP, RRIFs, TFSAs and investments?
- Do my will, powers of attorney and beneficiaries need updating?
- Should I stay in my home?
- Who can I trust with financial decisions?
- Which decisions are urgent, and which can wait?
- How do I avoid rushed choices while grieving?
What to be careful of
Six things to watch for.
Not understanding the new income picture
Pension, CPP, OAS, RRIF payments, insurance proceeds and survivor benefits should be reviewed together, so you know what continues and what needs replacing.
Overlooking taxes
A change in household status affects taxes: income splitting ends, and RRIF withdrawals, capital gains and estate transfers may all need review.
Leaving outdated documents in place
Your will, powers of attorney, beneficiaries, executor and account ownership should reflect your wishes and your life now.
Taking advice from too many people
Family and friends mean well, but their advice may not fit your situation. Get the full picture of income, assets, taxes and long-term needs first.
Swinging too far on investments
Some people move everything to cash out of fear; others make big changes without understanding the risk. Review your investments against your new income needs.
Common risks
The risks that matter most.
Income riskHousehold income changes and may no longer support your lifestyle.
Survivor benefits riskPension, CPP or insurance benefits may be misunderstood or missed.
Tax riskTransfers, withdrawals and estate settlement may create unexpected tax.
Estate riskWills, beneficiaries or ownership may no longer reflect your wishes.
Investment riskYour portfolio may not match your new income needs or comfort level.
Housing riskStaying in the home may become hard financially, physically or emotionally.
Decision riskMajor choices made while grieving, without a plan or trusted guidance.
Family riskExpectations from adult children or beneficiary questions can add pressure.
Checklist
Retirement after a loss checklist
A quick starting point. Tick each statement that is true for you today.
01
Discover your retirement picture
Your situation today: income, accounts, pensions, expenses, documents, housing, family and concerns.
02
Identify gaps, risks and blind spots
What has changed: income, survivor benefits, tax, estate documents, ownership and investment risk.
03
Build your retirement income strategy
How pensions, CPP, OAS, RRIFs, TFSAs, insurance proceeds and savings support your income now.
04
Align investments with retirement outcomes
Investments matched to your income needs, comfort level and stage of life.
05
Plan for taxes, estate and family transitions
Tax planning, beneficiaries, wills, powers of attorney, account ownership and legacy decisions.
06
Review, adjust and manage over time
Reviews at your pace, as your needs, housing, health and confidence evolve.
Questions people ask
Frequently asked questions
What should I do first, financially, after my spouse dies?
Focus on the urgent: locate the will and key documents, notify banks, pension plans and government benefits, and make sure you have cash for the next few months. Most larger decisions, such as selling the home or changing investments, can wait until you have the full picture.
What government benefits can a surviving spouse receive?
You may be eligible for the CPP survivor’s pension and a one-time CPP death benefit, and OAS may change. Apply to Service Canada, as these are not always automatic. Workplace pensions often have their own survivor benefits.
What happens to my spouse’s RRSP or RRIF?
If you were named successor annuitant or beneficiary, the account can usually transfer to you without immediate tax. If the estate is the beneficiary, the rules are different and tax may apply, so get advice before anything is moved.
When is my late spouse’s final tax return due?
If death occurred between January and October, the final return is generally due April 30 of the following year. If it occurred in November or December, it is due six months after the date of death.
Should I sell the house?
Not in a hurry. Many advisors suggest waiting before major decisions. Review affordability, upkeep and how the home fits your income plan first.
General information only. Rules differ by province and change over time; your situation should be reviewed individually.
The goal
Slow things down. Create a clear path forward.
After losing a spouse or partner, it is normal not to know what to do first, which decisions are urgent or whether your plan still works. That is why structure matters.
You do not have to figure everything out at once. You only need to know the next right step.
Ready to rebuild your plan, one step at a time?
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 after a loss.
Prefer to start with numbers? Try the free Retirement Budget Planner. Getting your family ready? Get the free Red Folder checklist.