What happens if I decide to retire earlier or later than initially anticipated? How would that impact my contributions to my65+?
The plan's savings strategy will be impacted by the age you say you want to retire. By changing your retirement date, your contributions to the plan and target date fund may need to be adjusted so you can still achieve your target retirement income. You will also need to consider the impact this may have on your government benefits (Canada Pension Plan and Old Age Security).
There are rules on when certain retirement payments must begin. Your RRSPs must be converted to a RRIF no later than the end of the year you turn 71, at which time minimum payments must be made. You can elect to convert to a RRIF earlier than age 71 to meet your retirement needs. Your TFSA is flexible, and you can start receiving retirement income at an age that accommodates your needs.