Retirement Planning in Calgary: What Every Professional Needs to Know

Retirement Planning in Calgary: What Every Professional Needs to Know

Retirement planning is one of the most important financial decisions you’ll ever make—and for professionals in Calgary, it comes with a unique set of wealth management opportunities and challenges. Whether you’re a physician, engineer, executive, or business owner, building a retirement strategy with a financial advisor in Calgary that aligns with your lifestyle, tax situation, and long-term goals requires more than just contributing to an RRSP.

In this article, we’ll break down what Calgary professionals need to know to retire confidently and tax-efficiently.

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1. Understand Your Retirement Income Goals

Start by defining the lifestyle you want in retirement. Will you travel often? Maintain your current home? Downsize? Your answers help shape a target monthly income—usually between 70%–90% of your pre-retirement earnings, but can also be higher. A financial planner in Calgary can help create a detailed cash flow projection which helps bridge the gap between your current savings and your future needs.

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2. Optimize Your RRSP, TFSA, and Non-Registered Investment Accounts

In Canada, professionals often focus heavily on RRSPs, but that’s only part of the equation. Here’s a smart breakdown:

• RRSPs: Tax-deferred growth, ideal for high-income years. But withdrawals are fully taxable.
• TFSAs: After-tax contributions with tax-free growth and withdrawals. Great for flexible income in retirement.
• Non-registered accounts: Useful for capital gains strategies and income smoothing when RRSP room is maxed.

Smart retirement planning uses all three investment accounts in the right balance to optimize after-tax income.

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3. Don’t Overlook the Canada Pension Plan (CPP) and OAS

Your CPP benefit depends on your earnings history and when you start drawing it (between age 60 and 70). Delaying can boost your CPP by 8.4% per year after age 65. Similarly, Old Age Security (OAS) can be delayed and is subject to clawbacks if your retirement income is too high.

A customized wealth management strategy for when to take CPP and OAS is a powerful way to stretch your retirement income—especially if you plan to work part-time or rely on investment portfolio income early on.

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4. Factor in Alberta-Specific Tax Considerations

Living in Alberta has tax advantages compared to other provinces—like no provincial sales tax and relatively low income tax rates on the first $142,292 (as of 2025). But once you start drawing large RRSP withdrawals, you could cross into higher tax brackets or trigger OAS clawbacks.

A Calgary-based retirement financial plan should include:

• Income splitting with a spouse
• Strategic RRSP/RRIF withdrawals
• Planning around pension income and eligible dividends

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5. Plan for Inflation and Healthcare Costs

Inflation silently erodes your purchasing power. A long retirement could last 25–30 years+—so your plan needs to account for rising costs, especially for healthcare.  A comprehensive wealth management plan in Calgary should also consider long-term healthcare and inflation.

Many Calgary professionals underestimate future healthcare expenses like:

• Long-term care
• Prescription drugs not covered by insurance
• In-home support

A good retirement financial plan builds in contingency reserves and considers health insurance options post-retirement.

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6. Work with a Calgary Financial Advisor Who Understands You

Your retirement financial plan and wealth management strategy shouldn’t be cookie-cutter. The needs of a Calgary oil & gas executive differ from those of a tech entrepreneur or a medical specialist. Working with a local, fiduciary financial advisor in Calgary gives you the advantage of:

• Personalized tax strategy based on Alberta rules
• Familiarity with local pension structures (e.g., LIRA, IPP)
• In-person planning and ongoing adjustments as your goals evolve

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Ready to Build a Retirement Plan That Works for You?

At MRG Wealth Management, we specialize in helping Calgary professionals retire with confidence. As your Personal CFO, we’ll create a retirement roadmap that optimizes your investments, minimizes taxes, and gives you peace of mind.

Book a complimentary retirement strategy session today.

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