Estimate how much your registered retirement savings plan (RRSP) will be worth at retirement and how much income it will provide each year.
As you get closer to full retirement, your priorities usually shift from growing your money to spending your money. In response, you will need to shift your investment mix from higher- to lower-risk investments to preserve your money and provide income. This will mean there is less chance that your investments will lose money, but they may also yield a lower expected investment return.
When you’re working
When you’re still working, you can take more risk with your money because your income can be used to make up investment losses. As you get closer to retirement, you may want to reduce your risk to protect your savings, so it’s there when you need it.
When you’re retired
Once you have fully retired, you can take less risk with your money because you no longer have an income to rely on if your investments lose money.