Retirement is one of the biggest financial and lifestyle decisions you will ever make. The decision is not just about hitting a certain age, it's about being truly ready. Retirement is a major life transition that requires financial security, smart planning, and emotional readiness. If you are wondering if it is the right time for you, ask yourself these three questions:

1. Are You Financially Ready?

Thinking about the financial aspect of retirement is often the most intimidating question. Financial readiness isn’t just about how much you have saved, it's about whether those savings can support the life that you want to live in the next 20 to 30 years. This includes your lifestyle, the activities and hobbies you like to enjoy, and the amount of income you’ll be receiving.

Start by taking an inventory of your retirement savings including:

• RRSPs, TFSAs, pensions, personal investments, and any other income-generating assets.

• Are these resources enough to cover your expected monthly expenses, such as housing, food, utilities, transportation, and leisure?

• Don’t forget to consider whether you have an emergency fund in place to handle unexpected costs.

Achieving financial peace of mind in retirement means ensuring your savings and income sources are not only sufficient to meet your basic needs but also flexible enough to support the lifestyle you envision, as well as planning for unexpected turns life may take.

2. Do you qualify for Government funding/ benefits?

In Canada there are two major programs that help provide retirement income: the Canadian Pension Plan (CPP) and Old Age Security (OAS), however, not everyone qualifies for these plans.

CPP is a government pension that is based on your work history and contributions during your years worked.

To be eligible for CPP, you must meet the following requirements:

• You have contributed through paycheques while working. The more you have contributed the more you will receive when you retire.

• However, over the age of 60, delaying till the age of 70 can increase your payment by 40%.

Unlike the Canada Pension Plan (CPP), Old Age Security (OAS) is not based on contributions. It’s a universal benefit available to all eligible Canadians, regardless of work history.

To be eligible for OAS, you must meet the following requirements:

• Be 65 years of age or older.

• Be a Canadian citizen or legal permanent resident

• Have resided in Canada for at least 10 years after the age of 18

CPP and OAS provide helpful supplemental income, but for most Canadians, it’s not enough to live on. It’s important to consider how these benefits fit into your overall retirement plan.

3. Are you mentally prepared?

Retirement is a major lifestyle change. Many people underestimate how much their job contributes to their sense of purpose, structure, and identity. It is not uncommon to feel a sense of loss, boredom, or restlessness after leaving full-time employment, particularly if there’s no clear plan for how to spend this next phase of your life.

Take time to consider how you will fill your days.

• Do you have hobbies, passion projects, or volunteer opportunities that will energize you?

• Will you stay socially connected through activities or community, church, or family?

• If stepping away from work entirely feels overwhelming, a phased retirement might be a better fit. Transitioning into a part-time role or consultation position can offer a sense of continuity while easing you into your new routine.

Retirement with Purpose and Peace.

If you’re financially secure, understand your government benefits, and feel mentally ready, you may be well-positioned to retire with confidence. If not, it’s never too early to plan - and you don’t have to do it alone.

At CEB Solutions, we walk alongside you with faith-based retirement and pension guidance. Retirement isn’t just about stopping work, it’s about stepping into your next calling.

But remember, people make plans, but it's God who directs our paths. Live with purpose today while preparing for tomorrow. Be generous, invest wisely, and trust that the Lord will guide your steps.

“And my God will meet all your needs according to the riches of his glory in Christ Jesus.”

• Philippians 4:19 (NIV)