Alternatively, use part of your retirement savings to buy a payout annuity to give guaranteed income for your entire life, and also by inclusion of a guarantee period, to your beneficiaries, (should you die before the end of that time). They're not for everyone, the capital is given up & there is no chance of benefitting from a market upturn. However, the certainty they offer is attractive to many as the years pass, and there is no risk that income will run out. Unreg. funds used to purchase p/a's can also have significant tax advantages, given that the majority of the income received is treated by the CRA as a return of capital. Detractors correctly point out that market gain potential is lost, but todays crazy world suggests there is potential for a huge fall in the markets at some stage, which risk is avoided by using PA's. They also help prevent bad investment/spending behaviour,  - perhaps not a bad thing as judgement becomes increasingly impaired as senility approaches (t.i.c.) !