Retirement is life's major transition and almost the grand finale of our life. How we live through it depends much on the planning for finances and expenses that we have put through.
Expenses after retirement are mostly "need-to-have" (housing, food, clothing, health care etc.)& "nice-to-have" (social activities, dining out, travel, recreation, gifts etc.) There should also be a provision of unforeseen expenses, such as critical illness, accidents.
One can open an RRSP in form of an investment, saving account, a GIC whose rate of interest will not be affected by inflation or even a segregated fund where money is guaranteed to a certain percentage and can invest in a safe investment.
Mutual funds, share market, debentures are other options but one needs to note that these are subjected to market risks and do not guarantee returns on investment. Whereas RRSP guarantees saving.
For any further assistance contact me at me (204) 230-4131. I will be delighted to discuss and assist you with your plan.