Ontario retirement communities bring together a real mix of people and lifestyles. Some are intent on devoting their retirement to recreation and leisure. Others want to volunteer and do good works. A group want (or need) to continue to work during retirement – to varying degrees. And some find the perfect retirement mix of all of the above.

If you’re one of the ones considering phased retirement, here are some things you should consider.

“If you do work in retirement you will need to assess when and how much you should take out or convert into a Registered Retirement Income Fund (RRIF),” Dave Ablett, Director of Tax and Retirement Planning with Investors Group, told the Globe and Mail.

If you’re making good money – good enough to pay the bills and let you enjoy the retirement lifestyle you want – you have until 71 before you must convert your RRSP into a RRIF, so you might want to hold off as long as you can. You can even continue to contribute to your RRSP and may be able to contribute to a spousal RRSP.

Raise a toast to your Georgian Bay retirement

If your income doesn’t quite cut it, you can began to convert your RRSP into a RRIF, but pay attention to the tax bracket you end up in, and consider the potential to split your income by allocating a portion of the income to your spouse.

If you have a pension plan (other than CPP), new rules make it easier to collect part of your pension while working. And starting this year, if you’re 60 or older, you may apply to receive your CPP retirement benefit without having to stop working or earning less than the max CPP benefit for at least two months in a row – as you used to. And if you are working, you’re now able to continue to contribute to CPP to increase your benefits. In fact, you’ll be required to up till 65, and after that, you can continue on a voluntary basis.

Talk to your financial planner to plan a sound phased retirement strategy, and get set to enjoy your Georgian Bay retirement lifestyle.