Having enough to Retire well

It is never too early to start thinking about retirement.  It has been suggested that we should save approximately 10-12 times our current income in order to retire well.    However,  many people approach retirement having saved much less.  According to the Canada Project poll with Macleans, 62 percent of Canadians say they are “very” or “somewhat” confident that they’ll have enough money to retire at age 67.

Do you feel confident that you’ll have enough to retire well?

How much is enough? This amount will depend and vary greatly from person to person on many personal factors and considerations.  Some factors are listed below.


If you live well within your means and have prudently saved for retirement, you may not need to adjust your lifestyle much at all.  It is better to have the choice to downsize your lifestyle and spending habits than it is to be forced to do so due to lack of adequate planning.  Don’t be in the “I have to downsize” population – downsize because you want to join the minimalist society!

Retirement plans

Although it is wise for both you and your partner to save for retirement, there are other considerations that may impact your total savings target.   Such as: what age do you plan to retire?  Will you retire at the same time as your partner?  Will you receive a pension from your employer? and do you plan to continue to work part time?


The average life expectancy is 81 years old for women, and it is 76 years for men.  If you are healthy, and your parents lived past the average life expectancy, you likely will too so you will need to consider saving more money so that you don’t outlive your money.

Financial obligations and expenses

Know what expenses you will have in retirement.  These may include a mortgage, car payments health care expenses, and financial support for children or grandchildren based on your situation.

Other income sources

Know what amount you have available aside from your retirement savings.  How much will you have available in retirement from other income sources such as Canada pension plan (CPP), Old age security (OAS), employer pension plans, dividends from investments, or income from investment properties, and include these in your overall retirement plan.

Although nothing is concrete it is good to have a plan, but keep in mind that your circumstances may change at anytime.  For example, changes in your health or that of a family members health, or changes in your family status may affect your financial situation depending on what stage in life you are.   Be aware of potential changes to your plan and connect with a financial advisor who can help you update your plan and stay on track and ensure your retirement goals become a reality.

Let me know if you would like to be connected to a great financial advisor in my network!

Contact me if you would like to consider adding an investment property to your portfolio once you have laid out what your retirement plan will be.



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