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Planning your dream retirement

It's hard to know where to start when retirement seems so far away

What does your dream retirement look like?

Whatever your age or situation, whether you're working or completing your studies, one thing's for sure: The best retirement is planned well in advance—and it's never too soon to start.

"He who has begun is half done."

– Horace, Roman poet

4 things to think about when planning your retirement

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Identify your goals and plans

First, you need to figure out what your ideal retirement would look like.

  • What lifestyle are you aiming for?
  • What interests would you like to pursue?
  • How would you like to spend your time?
  • Are you interested in working after retirement?

Calculate your retirement needs by answering a few quick questions.

Plan my retirement

Think about a time frame

With retirement starting as early as 55, and life expectancies going up, your retirement could last 40 years or more!

Graph showing average Canadian life expectancy at birth is 81.7 years
Graph showing average Canadian life expectancy at birth is 81.7 years
Graph showing average Canadian life expectancy at birth is 81.7 years
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Set aside personal savings

The income stemming from a government pension is rarely enough to live comfortably on. You need to boost your income through a complementary pension plan (pension fund), personal savings, real estate investments or casual work.

To find out how much you can save, get a clear picture of your income and expenses using our budgeting tool.

Make a budget

 

Further reading

Savings basics

It pays to start saving now!

When you have financial responsibilities in the present, putting aside money for the future is not always a priority. It may not seem like much, but you can end up with a considerable nest egg by making small, regular investments and starting early.

Time is on your side when it comes to saving! Find out how much you could save if you start early.

Calculate savings
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Couple looking at papers

 

 

Couple looking at papers

 

 

 

 

RRTTEEEIMN

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Solutions to power your dreams

Tax-Free Savings Accounts (TFSAs)

Grow your savings tax-free and access your funds when you need them.

Learn about TFSAs

Registered Retirement Savings Plan (RRSP)

Earn tax-free savings for retirement, buying your first home, or going back to school.

Learn about RRSPs

Get on track with our savings and investment solutions.

See all our solutions

More steps to planning your retirement

Ready to start planning your dream retirement?

Talk to an advisor to get tailored advice.

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