Darren Devine, CFP®, CLU®
Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.
You won’t stop needing a paycheque in retirement—you’ll just need it to come from different places.
Hello, and welcome to Money Monday, where we help simplify your financial journey.
I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates. I’ve been helping families across Ontario plan, protect, and enjoy their retirement income for over 20 years.
When you retire, your paycheque doesn’t disappear—it just changes shape.
Instead of coming from an employer, it usually comes from 3 or 4 main “buckets”:
- Government benefits:
CPP (Canada Pension Plan) and OAS (Old Age Security) are both indexed to inflation, which means payments are reviewed and adjusted regularly so your income can better keep pace with rising prices.
For 2026, CPP benefits paid in 2025 are getting about a 2% increase, and the maximum earnings CPP is based on is rising again, thanks to the ongoing CPP enhancement. (Government of Canada) - Pensions – from an employer, if you have one.
Many defined benefit pensions also include annual inflation protection, giving you a bit of a “raise” each January. (OMERS) - Personal savings – RRSP/RRIF, TFSA, non-registered:
This is the flexible piece. You and your planner decide how much to draw, from which account, and when—balancing tax efficiency with keeping your investments sustainable over time. (Wealthsimple)
Let’s use a simple example for 2026.
Imagine a couple, Anne and Mark:
- Each receives CPP and OAS every month.
- Together, that might add up to, say, around $3,000 a month from government benefits, depending on their contribution history and ages.
- On top of that, they draw $1,500 a month from a RRIF they’ve built over the years.
Suddenly, they’ve created something that feels very familiar: a monthly “paycheque” of $4,500—even though they’re no longer working.
That’s the goal of a written retirement income plan for 2026 and beyond:
- Decide how much you need each month
- Line up CPP, OAS, any pensions, and RRIF/TFSA withdrawals
- And test “what if” scenarios—like market downturns or higher inflation—on paper instead of in real life.
When you can see your paycheque in retirement mapped out, year by year, it usually reduces a lot of anxiety around markets and headlines—because you understand where your income is coming from and why.
If you’re retiring in 2026, or already retired and want to know what your retirement paycheque really looks like, that’s exactly the kind of planning conversation we have every day.
Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!
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