When thinking about saving and investing, most people think about saving for their future retirement. But the need to save and invest doesn't end there. Throughout retirement, you'll continue to need financial strategies to make sure your money lasts. This is especially true for women, who have longer life expectancies than men.
Here are some factors to consider in building a financial plan for income in retirement:
How long might your retirement last?
When estimating your retirement income requirements, it's important to assume a long life expectancy. Women's retirement income often needs to last longer, as women typically live several years longer on average than men1. In addition, according to Statistics Canada, women of all ages are more likely than men to experience a severe disability2 and they represent the largest share of residents in long-term care homes3. To plan effectively for retirement, start by estimating how much money you’ll need; review your current spending and account for expenses that could rise over time for factors such as travel during retirement, inflation, or potential long-term-care costs. After identifying your expected expenses, assess all possible income sources such as private pension plans, Canada Pension Plan (CPP), Old Age Security (OAS), Guaranteed Income Supplement (GIS) and personal retirement savings.
Keep in mind that any expenses above and beyond the income provided by government and employer group pensions will need to come from your personal savings and investments.
How much do you expect to receive from Old Age Security and Canada Pension Plan?
CPP is based on how long you’ve worked, how much you’ve earned and when you start taking benefits. Although the maximum CPP in 2026, is $1507.65, it is important to note that the average CPP at age 65 is only $803.76 as of October 20254. It is important to note, that you can apply with CPP for child-rearing provisions that essentially help individuals who earned lower or no income while raising children by effectively removing lower income years from the CPP calculation. OAS in 2026 is standard at age 65 at $742.31 for those between 65 to 74, and $816.54 for those aged 75 and over per month irrespective of your average income during your working years, but begins to be clawed back after $93,454 in total income in retirement based on 2025 net income5. Guaranteed Income Supplement is designed for those with lower income.
The age at which you start taking benefits also has a big impact on your retirement income over the long term. You can start receiving CPP benefits as early as age 60, at a reduced rate, with full benefits at the retirement age of 65 and maximum benefits at the age of 70. Entitlement to OAS begins at age 65 and can be deferred until age 70 for increased benefits.
Read here for more information about the details and eligibility requirements for Old Age Security and the Canada Pension Plan.
How will you address health care and medical expenses?
Health care expenses can significantly impact quality of life in retirement, making it essential to plan for personal medical costs. Taken together, these factors highlight the necessity of developing a financial plan that fully addresses the unique challenges women may face over the course of retirement.
How we can help
At Edward Jones, we understand the special circumstances that are unique to women in general – and to you in particular. Ask an Edward Jones financial advisor for more information about retirement income strategies that take your circumstances into consideration.