{"id":35681,"date":"2026-04-10T14:35:31","date_gmt":"2026-04-10T18:35:31","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/?p=35681"},"modified":"2026-04-10T14:35:43","modified_gmt":"2026-04-10T18:35:43","slug":"how-much-money-do-you-need-to-retire-canada","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada","title":{"rendered":"How Much Money Do You Need to Retire in Canada?"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">How Much Money Do You Need to Retire in Canada?<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2026-04-10T14:35:31-04:00\">April 10, 2026<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">16 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Fiorella Grossi\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Fiorella Grossi<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/how-much-money-do-you-need-to-retire.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"How much money do you need to retire\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/how-much-money-do-you-need-to-retire.webp 1024w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/how-much-money-do-you-need-to-retire.webp?resize=300,200 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/how-much-money-do-you-need-to-retire.webp?resize=768,512 768w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/how-much-money-do-you-need-to-retire.webp?resize=420,280 420w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How Much Money Do You Need to Retire in Canada? &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Do you need a million dollars to retire?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-do-you-need-a-million-dollars-to-retire-0\">Do you need a million dollars to retire?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-when-do-you-want-to-retire-0\">When do you want to retire?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-determine-your-expenses-0\">Determine your expenses<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-are-your-sources-of-retirement-income-0\">What are your sources of retirement income?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-to-calculate-your-retirement-income-0\">How to calculate your retirement income<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-strategies-to-reach-your-retirement-goal\">Strategies to reach your retirement goal<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-segregated-funds-can-help-you-reach-your-retirement-goals-0\">How segregated funds can help you reach your retirement goals<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-putting-it-all-together-0\">Putting it all together<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-rbc-retirement-investment-solutions\">RBC Retirement Investment Solutions<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>Retirement anxiety is real \u2014 and widespread. According to the <a href=\"https:\/\/www.cppinvestments.com\/newsroom\/canadians-remain-anxious-about-retirement-but-planning-and-understanding-the-cpp-can-help-build-confidence\/\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-d4e33cc8\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"2025 CPP Investments Retirement Survey\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">2025 CPP Investments Retirement Survey<\/a>, nearly six out of ten (59 per cent) Canadians worry they\u2019ll outlive their savings. That\u2019s a lot of people lying awake at night, doing mental math and asking questions like, \u201cHow much do I need to retire? Is $1 million enough to retire?\u201d<\/p>\n\n\n\n<p>Here\u2019s the kicker: more than half of non-retirees don\u2019t have a financial plan. No plan means no clarity \u2014 and that can turn \u201cenough\u201d into this big, intimidating number that may feel impossible to reach.<\/p>\n\n\n\n<p>So, where do you begin if you\u2019re feeling behind? Not with guesswork. Not with a national average. You start by getting specific \u2014 taking a clear-eyed look at what retirement will actually cost <em>you<\/em>, based on your lifestyle, expenses, and income sources.<\/p>\n\n\n\n<p>If you\u2019re wondering \u201cHow much money do I need to retire in Canada?\u201d this article walks you through how to figure it out. We\u2019ll also cover practical ways to help close the income gap, including how savings tools like segregated funds can play a role in protecting what you\u2019ve built, even if you started later than planned.<\/p>\n\n\n\n<p>Whether you\u2019re 35 years old and retirement feels distant, or 55 and it\u2019s coming into focus fast, one thing holds true: the sooner you plan, the more control you gain \u2014 and the quieter that inner noise will eventually get.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-do-you-need-a-million-dollars-to-retire\">Do you need a million dollars to retire?<\/h2>\n\n\n\n<p>Many people believe they need a million dollars saved to retire comfortably. It\u2019s a popular benchmark repeated so often, it starts to feel like a magic number that everyone should aim for. But is it true?<\/p>\n\n\n\n<p>It depends. For some, a million dollar nest egg is more than enough. For others, it will fall considerably short of what they need.<\/p>\n\n\n\n<p>For example, a $1 million portfolio could support roughly $40,000 a year in income over a 25- to 30-year retirement, depending on market conditions and how your investments perform. If you also receive $25,000 from CPP, OAS, or a workplace pension, that gives you about $65,000 a year to live on.<\/p>\n\n\n\n<p>The reality is, your number is personal. It\u2019s largely shaped by your lifestyle, expenses, income, and even where you live.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-do-you-want-to-retire\">When do you want to retire?<\/h2>\n\n\n\n<p>Start with a simple question: when do you want to stop working?<\/p>\n\n\n\n<p>For some, that\u2019s a hard exit at 60 or 65. For others, it\u2019s a gradual shift \u2014 part-time work, consulting, or something more flexible. There\u2019s no single \u201cright\u201d age, but your choice has real financial consequences.<\/p>\n\n\n\n<p>The earlier you retire, the longer your savings need to last and the more money you\u2019ll need. Retire later, and you shorten that timeline while giving your savings more time to grow. A practical way to think about it is this:<\/p>\n\n\n\n<p><strong><em>Retirement age = when your savings can cover your expenses without full-time work.<\/em><\/strong><\/p>\n\n\n\n<p>Canadians, on average, are retiring later than they used to, with many leaving the workforce closer to age 65 than in previous decades, according to <a href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=1410006001&amp;pickMembers%5B0%5D=4.1&amp;cubeTimeFrame.startYear=2003&amp;cubeTimeFrame.endYear=2025&amp;referencePeriods=20030101%2C20250101\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-85d253d6\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Statistics Canada\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">Statistics Canada<\/a>. Some choose to keep working for the extra earnings, structure, social connection, or sense of purpose. Others delay because they need more time to save, still carry debt, or support family members.<\/p>\n\n\n\n<p>Government benefits also factor into the timing. You can begin your <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp.html\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-7c115773\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Canada Pension Plan (CPP)\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">Canada Pension Plan (CPP)<\/a> as early as age 60 or as late as age 70. If you take it before age 65, your payments are permanently reduced \u2014 by up to 36 per cent less at age 60. Delay past 65, and payments increase \u2014 by up to 42 per cent at age 70.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/old-age-security.html\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-fdc6db7d\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Old Age Security (OAS)\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">Old Age Security (OAS)<\/a> works similarly. You can begin receiving it at age 65, or defer it to as late as age 70 for a higher monthly amount \u2014 up to 36 per cent at age 70.<\/p>\n\n\n\n<p>Then there\u2019s longevity \u2014 the wildcard many people underestimate. Canadians who reach age 65 today can expect to live, on average, at least another 20 years, and many will live into their 90s. &nbsp;That means your retirement savings may need to last 25 to 30 years (or longer!).<\/p>\n\n\n\n<p>Of course, no one has a crystal ball to know exactly how long they will live. In most cases, however, a retirement income plan should extend for about 30 years or more to reduce the risk of outliving your savings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-determine-your-expenses\">Determine your expenses<\/h2>\n\n\n\n<p>Before you can determine how much you need to save for retirement, you need to know what you\u2019ll spend in retirement.<\/p>\n\n\n\n<p>Here\u2019s the reality: retirement doesn\u2019t automatically mean lower expenses. Some costs will drop (like the costs of commuting and dining out), but others (like groceries) will stay the same or even increase. And over time, inflation will push most of those costs higher.<\/p>\n\n\n\n<p>Start by reviewing your current budget and focusing on a few key areas:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-housing\">Housing<\/h3>\n\n\n\n<p>Where will you live? If you plan to downsize or relocate, how will that change your costs? Will you still have a mortgage? Even if your mortgage is paid off, property taxes, home insurance, and maintenance costs don\u2019t go away \u2014 and they tend to rise over time.<\/p>\n\n\n\n<p>It\u2019s also worth thinking ahead to later stages of retirement. Private, non-subsidized retirement homes can cost anywhere from $2,500 to $7,000 per month \u2014 and that often doesn\u2019t include additional services like nursing care, meals, or housekeeping.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-lifestyle-and-travel\">Lifestyle and travel<\/h3>\n\n\n\n<p>What does your retirement actually look like? Frequent travel, hobbies, or dining out can add up quickly. The budget for someone who takes two international trips a year and plays golf three times a week will be very different from someone who loves weekend drives and cooking at home. Neither is wrong. But you need to know which retirement you\u2019re planning for.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-day-to-day-expenses-and-healthcare\">Day-to-day expenses and healthcare<\/h3>\n\n\n\n<p>Groceries, utilities, and other expenses don\u2019t disappear \u2014 and inflation can drive costs higher. If you don\u2019t have employer health benefits in retirement, you\u2019ll need to budget for out-of-pocket costs like prescriptions, vision, or dental care. Health expenses often increase as you age, and long-term care can be significant.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-working-part-time\">Working part-time<\/h3>\n\n\n\n<p>Earning income in retirement isn\u2019t cost-free. It could push you into a higher tax bracket, or reduce government benefits <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/old-age-security\/recovery-tax.html\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-88cef8f0\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"like OAS\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">like OAS<\/a> if your income exceeds the threshold. Run the numbers carefully to understand what you\u2019ll actually take home after tax.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-family-obligations\">Family obligations<\/h3>\n\n\n\n<p>Will you help adult children with a home purchase? Support grandchildren\u2019s education? <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/the-financial-impact-of-caring-for-elderly-relatives\/\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-512cea91\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Assist aging parents with care\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Assist aging parents with care<\/a>? If so, build those costs into your plan \u2014 and remember these needs may change over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-other-forms-of-debt\"><strong>Other <\/strong>forms of debt<\/h3>\n\n\n\n<p>List any outstanding debt \u2014 credit cards, loans, lines of credit \u2014 and consider what will still be there in retirement. Carrying debt in retirement can limit flexibility and add stress. If possible, aim to reduce or eliminate debt before you retire, particularly high-interest debt.<\/p>\n\n\n\n<p>Just remember: your retirement budget isn\u2019t a one-and-done exercise. Review it regularly and adjust for inflation, changing interest rates, and shifts in your lifestyle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-your-sources-of-retirement-income\">What are your sources of retirement income?<\/h2>\n\n\n\n<p>The next step to determine how much you need to retire is to take stock of where your money will come from. Common sources of retirement income include:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-government-programs\">Government programs<\/h3>\n\n\n\n<p>CPP and OAS form the foundation of retirement income for many Canadians. Depending on your income, you may also be eligible for the <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/old-age-security\/guaranteed-income-supplement\/benefit-amount.html\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-62e6acb6\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Guaranteed Income Supplement (GIS)\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">Guaranteed Income Supplement (GIS)<\/a>. Log into <a href=\"https:\/\/www.canada.ca\/en\/employment-social-development\/services\/my-account.html\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-9b8dbd76\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"My Service Canada Account\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">My Service Canada Account<\/a> to find out what you might expect to receive.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-employer-pensions\">Employer pensions<\/h3>\n\n\n\n<p>Workplace pension plans are designed to provide income in retirement, often with contributions from both you and your employer. Some plans offer a predictable monthly income for life (defined benefit), while others build a pool of savings you\u2019ll draw from in retirement (defined contribution). <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/retirement-planning\/employer-sponsored-pension.html\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-b2b7b382\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Review your plan details\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">Review your plan details<\/a> or latest statement to understand what you\u2019ve accumulated and what kind of income it could provide.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rrsps-and-tfsas\">RRSPs and TFSAs<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp.html\" data-dig-id=\"LP-Retirement-35681-2fbfbec5\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Registered Retirement Savings Plans (RRSPs)\" class=\"rbc-link-format\">Registered Retirement Savings Plans (RRSPs)<\/a> and <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/tfsa.html\" data-dig-id=\"LP-Retirement-35681-6af8181f\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Tax-Free Savings Accounts (TFSAs)\" class=\"rbc-link-format\">Tax-Free Savings Accounts (TFSAs)<\/a> are key savings vehicles for many Canadians. RRSP contributions are tax-deductible, but withdrawals are taxed as income in retirement. TFSAs, on the other hand, are funded with after-tax dollars, but withdrawals are tax-free. Using both strategically can help manage your tax liability and create more flexible income in retirement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-other-savings-and-investments\">Other savings and investments<\/h3>\n\n\n\n<p>This can include non-registered accounts, guaranteed investment certificates (GICs), insurance annuities, and rental income from real estate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-business-proceeds\">Business proceeds<\/h3>\n\n\n\n<p>If you own a business, its eventual sale or wind-down may form part of your retirement income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-home-equity\">Home equity<\/h3>\n\n\n\n<p>For homeowners, downsizing or taking out a reverse mortgage can help unlock home equity to use as your income stream.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-calculate-your-retirement-income\">How to calculate your retirement income<\/h2>\n\n\n\n<p>Once you\u2019ve pinpointed your income sources, the next step is to estimate how much income they might generate in retirement. <a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/retirement-calculators.html?msockid=3558ec293c0a67a0294dfa463d12661f\" data-dig-id=\"LP-Retirement-35681-bf3885c5\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Online calculators\" class=\"rbc-link-format\">Online calculators<\/a>&nbsp;can help project this, but there are also two common methods that provide a quick starting point:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-70-per-cent-rule\">The 70 per cent rule<\/h3>\n\n\n\n<p>This guideline suggests you may need roughly 70 per cent of your pre-retirement income to maintain a similar lifestyle.<\/p>\n\n\n\n<p>For example, if you earn $100,000 annually before retiring, you might aim for about $70,000 a year in retirement income (roughly\u202f$5,833 a month before taxes). The logic is that some costs decrease in retirement \u2014 you\u2019re no longer saving for retirement, commuting, or paying other work-related expenses. In some cases, your mortgage may also be paid off.<\/p>\n\n\n\n<p>That said, this is a broad estimate. Depending on your lifestyle, your target could be closer to 60 per cent or as high as 80 per cent. Where you live also matters: your dollar may stretch further in places like Manitoba and parts of the Maritimes \u2014 the provinces with the lowest cost of living \u2014while the everyday expenses tend to bite the hardest in British Columbia, Ontario, and Alberta.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-four-per-cent-rule\">The four per cent rule<\/h3>\n\n\n\n<p>This approach estimates how much income your savings can support. It suggests youmay be able to withdraw about 4 per cent of your investment portfolio in your first year of retirement, and then adjust that amount each year for inflation \u2014 with the goal of making your savings last around 30 years. &nbsp;<\/p>\n\n\n\n<p>This rule applies only to your personal savings, and doesn\u2019t include income from pensions or government benefits. <strong>That math on $1 million in retirement savings works like this<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>In year one<\/strong>, you withdraw 4 per cent ($40,000).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>In year two<\/strong>, if inflation is 2 per cent, you increase the previous year\u2019s withdrawal by 2 per cent ($40,000 x 1.02) to $40,800.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>In year three<\/strong>, if inflation is 3 per cent, your withdrawal increases by 3 per cent to $42,024 ($40,800 x 1.03).<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>While your withdrawals increase, your remaining investments continue to grow and help support future income. &nbsp;<\/p>\n\n\n\n<p>You can also use this approach in reverse to estimate how much you may need to save by dividing the annual income you need by 4 per cent.<\/p>\n\n\n\n<p>For example, if you need $80,000 per year in retirement and expect $15,000 from CPP and OAS, you\u2019ll need to cover a $65,000 annual gap. Dividing that by 4 per cent suggests you\u2019d need about $1.625 million in savings.<\/p>\n\n\n\n<p>Just remember these methods are based on assumptions about market returns and inflation. They\u2019re best used as a guideline \u2014 not a guarantee. You can also use tools like the Government of Canada\u2019s <strong><a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/retirement-income-calculator.html\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-500271b7\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Canadian Retirement Income Calculator\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">Canadian Retirement Income Calculator<\/a><\/strong> to estimate your income, how much government benefits may cover, and how much your savings may need to provide.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-strategies-to-reach-your-retirement-goal\">Strategies to reach your retirement goal<\/h2>\n\n\n\n<p>There\u2019s no single path to a secure retirement. But there are effective strategies that can make a meaningful difference, no matter where you\u2019re starting from.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-start-early-and-automate\">Start early and automate<\/h3>\n\n\n\n<p>The most powerful tool in retirement planning is time. With compound interest, your money earns returns \u2014 and then those returns generate returns of their own. The longer your money sits invested, the more that snowball effect works in your favour.<\/p>\n\n\n\n<p>Automating your contributions can help make saving consistent and remove the temptation to spend first. And if you come into extra money \u2014 an annual bonus, tax refund, or inheritance \u2014 consider putting a chunk of it toward your investments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-use-your-rrsp-and-tfsa-contribution-room\">Use your RRSP and TFSA contribution room<\/h3>\n\n\n\n<p>Using both accounts strategically can help improve your after-tax income in retirement. RRSP contributions reduce your taxable income in the year you make them, potentially reducing your tax bill. TFSA contributions don\u2019t provide a tax deduction, but withdrawals are tax-free and don\u2019t affect income-tested benefits like OAS. That last point matters because RRSP withdrawals are taxed as income and can trigger OAS clawbacks at higher income levels.<\/p>\n\n\n\n<p>If your income is higher now, it may make sense to focus on maxing out your RRSP contribution room. But if your income is lower \u2014 or you want more flexibility later \u2014 focusing on your TFSA can be a smart move.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-diversify-your-investments-and-shift-as-you-age\">Diversify your investments and shift as you age<\/h3>\n\n\n\n<p>Don\u2019t put all your eggs in one basket. Spreading your investments across asset classes \u2014 stocks, bonds, real estate, cash \u2014 helps manage risk. When you\u2019re younger, you have time to ride out market fluctuations, so holding more stocks can make sense. As you get closer to retirement, you have less time to recover from a bad market year, so gradually shifting toward more stable investments \u2014 like bonds, GICs, segregated funds, or other insurance products \u2014 can help protect what you\u2019ve built.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-segregated-funds-can-help-you-reach-your-retirement-goals\">How segregated funds can help you reach your retirement goals<\/h2>\n\n\n\n<p>As retirement gets closer, it\u2019s natural to want to reduce risk and protect your savings. But playing it too safe can limit growth and make it harder to reach your retirement goals. &nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/retirement\/segregated-funds\/\" data-dig-id=\"LP-Retirement-35681-add89a1c\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Segregated funds\" class=\"rbc-link-format\">Segregated funds<\/a> can help strike that balance. Also known as seg funds or guaranteed investment funds (GIFs), these investment products are sold by insurance companies and are similar to mutual funds \u2014 money is pooled and invested across stocks, bonds, and other assets.<\/p>\n\n\n\n<p>But there\u2019s one important difference: segregated funds are <em>insurance contracts<\/em>, and offer protections and unique benefits that mutual funds don\u2019t:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-protection-if-markets-drop\">Protection if markets drop<\/h3>\n\n\n\n<p>Segregated funds typically guarantee you\u2019ll get back a percentage \u2014 usually 75 to 100 per cent \u2014 of your investment at maturity (often 10 years or more). If your investment performs well, you benefit from the growth. If not, the guarantee can help protect a portion of your investment, provided that you hold the fund until maturity.<\/p>\n\n\n\n<p>They also offer a death benefit guarantee. If you die before the maturity date, your named beneficiaries receive either the market value or the guaranteed amount, whichever is higher.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-estate-planning-advantages\">Estate planning advantages<\/h3>\n\n\n\n<p>Because segregated funds are insurance contracts, you can name a beneficiary. This allows the investment to pass directly to your beneficiaries, bypassing the estate \u2014 which can help avoid <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-probate-how-does-it-work\/\" data-dig-id=\"LP-Retirement-35681-f18e88de\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"probate \" class=\"rbc-link-format\">probate <\/a>fees and delays.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-potential-creditor-protection\">Potential creditor protection<\/h3>\n\n\n\n<p>In certain situations, segregated funds may be protected from creditors, which can be valuable for business owners or self-employed individuals. This protection depends on factors such as how the policy is structured and who is named as beneficiary.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-lock-in-your-gains\">Lock in your gains<\/h3>\n\n\n\n<p>Some contracts allow you to \u201creset\u201d your guarantee if your investment grows. This can lock in a higher protected value, although it may extend the maturity period.<\/p>\n\n\n\n<p>There are trade-offs to consider. Segregated funds usually have higher fees than mutual funds, reflecting the cost of the guarantees and insurance features. Whether they\u2019re appropriate depends on your goals, timeline, and risk tolerance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-putting-it-all-together\">Putting it all together<\/h2>\n\n\n\n<p>Retirement doesn\u2019t come with a universal price tag. How much you\u2019ll need to live well \u2014 and enjoy your freedom \u2014 depends on your lifestyle, spending, and how long you\u2019ll be retired.<\/p>\n\n\n\n<p>What does hold true is this: the earlier you start planning, the more options you have and the less uncertainty you\u2019ll face. You don\u2019t need a perfect plan \u2014 just a solid one that you can revisit and adjust as your life changes.<\/p>\n\n\n\n<p>A licensed RBC Insurance advisor can help walk you through the options, explain the costs, and determine what make sense for your situation. <a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/retirement\/index.html\" data-dig-id=\"LP-Retirement-35681-e551e96f\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Book a call\" class=\"rbc-link-format\">Book a call<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-retirement-investment-solutions\">RBC Retirement Investment Solutions<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Whether you\u2019re building up your nest egg or ready to turn your hard-earned savings into retirement income, our solutions can help you make the most of your money. Have an RBC Insurance Advisor call you to learn more.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button has-custom-font-size aligncenter btn is-style-primary primary has-text-lg-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/retirement\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-290-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Request a Call-https:\/\/www.rbcinsurance.com\/request-a-call\/retirement\/index.html \">Request a Call<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-faqs faqs\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-faqs-about-how-much-money-you-need-to-retire\">FAQs about how much money you need to retire<\/h3>\n\n\n\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-is-1-million-enough-to-retire-in-canada-in-2026\">Is $1 million enough to retire in Canada in 2026?<\/h4>\n\n\n\n<p>It depends. With rising costs and longer lifespans, $1 million doesn\u2019t stretch as far as it once did. More importantly, there\u2019s no universal savings target. The amount you\u2019ll need depends on your personal circumstances \u2014 your expenses, lifestyle, sources of income, and where you live. For some, $1 million may be enough. For others, it may fall short.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading\" id=\"h-how-much-money-does-the-average-canadian-retire-with\">How much money does the average Canadian retire with?<\/h4>\n\n\n\n<p><strong>Averages can be misleading, <\/strong>as they tend to be heavily skewed by those with very high savings. What the data does show is that many Canadians are underprepared.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"pad-t-qtr mob-pad-t-qtr\">For instance, the <a class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" href=\"https:\/\/hoopp.com\/docs\/default-source\/research\/2025-canadian-retirement-survey-plain-text-executive-summary.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-Retirement-35681-4d983335\" data-dig-label=\"2025 HOOPP Canadian Retirement Survey\" data-dig-action=\"link click\" data-dig-category=\"LP-Retirement\">2025 HOOPP Canadian Retirement Survey<\/a><sup><em>1<\/em><\/sup> found that more than a third (36 per cent) of Canadians report having less than $5,000 in savings, including for retirement, while one in five (20 per cent) have nothing saved. That\u2019s a significant gap \u2014 and a strong reminder that starting early and regularly saving matters.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><sup><em>1. Page 2 of the document<\/em><\/sup><\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading pad-t mob-pad-t\" id=\"h-when-can-i-retire-in-canada\">When can I retire in Canada?<\/h4>\n\n\n\n<p>While age 65 is often considered the traditional retirement age, the right time to retire is a personal decision. In practical terms, you\u2019re generally ready to retire when your income sources \u2014 personal savings, employer pension, government programs \u2014 can reliably cover your expected expenses for the rest of your life.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"pad-t-qtr mob-pad-t-qtr\">Two common guidelines can help ballpark how much you will need:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The 70 per cent<\/strong> rule suggests replacing 70 per cent of your pre-retirement income.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The 4 per cent rule<\/strong> estimates how much savings you\u2019ll need. It suggests you may be able to withdraw about 4 per cent of your savings each year \u2014 meaning you\u2019ll need to sock away roughly 25 times your annual income gap. For example, if you need to withdraw $40,000 per year in retirement, you\u2019d aim to save about $1 million.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"pad-t-qtr mob-pad-t-qtr\">These are not exact formulas. They\u2019re just benchmarks \u2014 and should be adjusted to reflect your situation.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<p><\/p>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading pad-t mob-pad-t\" id=\"h-what-is-the-average-cpp-payment-in-canada\">What is the average CPP payment in Canada?<\/h4>\n\n\n\n<p>As of late 2025, the average monthly <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/payment-amounts.html\" target=\"_blank\" data-dig-id=\"LP-Retirement-35681-6f0a7389\" data-dig-category=\"LP-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Canadian Pension Plan (CPP)\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">Canadian Pension Plan (CPP)<\/a> payment for new beneficiaries aged 65 is about $803.76 per month (or $9,645.12 a year). The most anyone can receive in 2026 is approximately $1,507.65 per month or $18,091.80 for the year. Your actual CPP benefit will depend on factors such as how long you contributed and your earnings history, and keep in mind that CPP income is considered taxable.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nbsp\">&nbsp;<\/h3>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>How much money do you need to retire in Canada? This article helps you figure out the numbers and how strategies to reach your retirement goals. <\/p>\n","protected":false},"author":208,"featured_media":35677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[21,31],"article-type":[80],"ppma_author":[183],"class_list":["post-35681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","tag-managing-money","tag-retirement","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Much Money Do You Need to Retire in Canada? | RBC Insurance<\/title>\n<meta name=\"description\" content=\"How much money do you need to retire in Canada? 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