How Much Do You Need to Retire in Canada? Rethinking the Retirement Number

Your Guide to Planning a Fulfilling Retirement with Confidence

When planning for retirement, the question often asked is, ‘How much do I need to retire comfortably?’ The truth is that the answer goes beyond a single number or a ‘just enough’ mindset.

Canadians are living longer and redefining what retirement means. For some, it’s a time to travel the world. For others, it’s about spending time with family, volunteering, pursuing new hobbies or bringing a long-cherished passion project to life.

The possibilities are endless, and your needs or plans may change. Your retirement plan should reflect your unique vision and lifestyle goals for the future—not just a fixed investment amount.

Instead of focusing solely on a dollar figure, start by asking yourself:

• What does a fulfilling retirement look like for me?
  • Will I downsize, spend winters away, or buy a home abroad?
• What kind of lifestyle do I envision?
  • Will I live modestly, enjoy a more luxurious lifestyle, or consider a retirement community?
• What will my legacy be?
  Will I provide financial support for my children or grandchildren?

These questions shift the conversation from money to meaning. They help define what “just enough” means, based on your values, goals and desired lifestyle.

What Canadians Are Saying About Retirement

While awareness around retirement planning is rising, the way Canadians prepare for retirement has significantly changed over the years. According to Canada Pension Plan (CPP) Investments:

• 59% of Canadians worry about running out of money in retirement.
• Younger Canadians between the ages of 28 and 44 are particularly worried about retirement security, with 66% concerned they’ll run out of money.
• A significant number of Canadians are unprepared for retirement—55% of non-retirees and 44% of retirees do not have a plan in place.

(Source: CPP Investments (2025); CPP Investments Retirement Survey (2025) )

These findings highlight the gap between retirement aspirations and preparedness. Savings alone aren’t enough. A personalized strategy built around your unique goals with a trusted advisor who understands your situation is key to turning your retirement vision into reality.

A well-crafted retirement strategy helps you:

• Prepare for unexpected changes like health expenses or emergencies.
• Create a realistic budget to control fixed and variable expenses, and secure savings for potential costs like in-home care, retirement living, hobbies and social activities.
• Maximize growth through compounding by investing early.

Partner with your advisor to design a roadmap that balances security and flexibility. Together, you’ll integrate pensions, registered savings plans, investments, and other income sources to create a retirement that’s financially sustainable and personally fulfilling. Your advisor can also help uncover any blind spots and address gaps—so you can move forward with confidence.

A Comprehensive Retirement Strategy May Consider:

Your Lifestyle

• Age, life stage, and expected retirement age
• Financial goals and anticipated expenses

Your Current Finances

• Current savings, assets, and income sources
• Tax optimization and estate planning strategies

Your Health

• Health care and long-term care needs
• Budgeting for lifestyle and future care costs

Your Risk Appetite

• Flexibility for unexpected life changes

It’s time to rethink what “just enough” means because your retirement should be as unique as you are. By working with your advisor, you can turn your vision into a strategy and your strategy into action—with expert guidance along the way.

Start the Conversation That Shapes Your Future

Lean on your trusted advisor to create a clear path toward the retirement you’ve envisioned.

It is recommended that clients seek independent advice from a professional advisor on legal and tax-related matters Securities-related products and services are offered through Raymond James Ltd. (RJL), regulated by the Canadian Investment Regulatory Organization (CIRO) and a Member of the Canadian Investor Protection Fund. RJL financial/investment advisors are not tax advisors, and we recommend that clients seek independent advice from a professional advisor on tax-related matters. Insurance products and services are offered through Raymond James Financial Planning Ltd., which is not regulated by CIRO and is not a Member of the Canadian Investor Protection Fund. Solus Trust Company (“STC”) is an affiliate of Raymond James Ltd. and offers trust services across Canada. STC is not regulated by CIRO and is not a Member of the Canadian Investor Protection Fund.