When should retirement planning begin, and how does it differ at higher levels of wealth?

Ideally a decade or more before you intend to step back. For affluent Canadians, the question is seldom whether there's enough; it's how to draw upon it with the greatest efficiency. Retirement planning at this level determines the sequence of withdrawals from RRSPs, TFSAs, corporate and non-registered accounts, and addresses:
  • the timing of CPP and OAS, and mitigation of the OAS clawback
  • pension income splitting between spouses
  • the management of RRIF withdrawals
  • protection against adverse markets in the early years of retirement
The result is an income designed to endure, and a larger legacy for the people and causes you hold dear.