A core component of your retirement plan is the CPP retirement benefit (or Québec Pension Plan for Québec residents, which mirrors many aspects of the CPP). CPP offers flexibility as to when payments can begin, which affects how much you could receive. Familiarizing yourself with CPP provisions can help you decide when to start payments and optimize the benefit throughout your retirement.
When we are young, life insurance is used to protect our family by providing money to replace our income. However, as we approach retirement our need for income replacement lessens and the focus switches to wealth protection. Wealth protection is a permanent concern, so it requires permanent solutions.
It’s wonderful to be able to leave children an inheritance, but you want to make sure that the wealth you’ve worked so hard to build and set aside for their future is protected, regardless of where life takes them.