{"id":42995,"date":"2026-10-26T16:07:00","date_gmt":"2026-10-26T20:07:00","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/?p=42995"},"modified":"2026-10-26T16:07:57","modified_gmt":"2026-10-26T20:07:57","slug":"common-myths-about-retirement-planning","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/common-myths-about-retirement-planning","title":{"rendered":"6 Common Myths About Retirement Planning 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\">6 Common Myths About Retirement Planning 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=\"2026-10-26T16:07:00-04:00\">October 26, 2026<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">13 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\/Fiorella.png?quality=80&w=242\" 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\">Insurance Writer<\/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\/2026\/10\/retirement.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2026\/10\/retirement.webp 1024w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2026\/10\/retirement.webp?resize=300,200 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2026\/10\/retirement.webp?resize=768,512 768w\" 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=6 Common Myths About Retirement Planning 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\/common-myths-about-retirement-planning\" aria-label=\"Email\">\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\/common-myths-about-retirement-planning\" aria-label=\"Copy URL\">\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\">Myth 1: You need $1 million to retire comfortably in Canada<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-myth-1-you-need-1-million-to-retire-comfortably-in-canada\">Myth 1: You need $1 million to retire comfortably in Canada<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-2-cpp-will-cover-my-retirement-needs\">Myth 2: CPP will cover my retirement needs<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-3-i-only-need-an-rrsp-for-retirement\">Myth 3: I only need an RRSP for retirement<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-4-your-cost-of-living-will-be-lower-in-retirement\">Myth 4: Your cost of living will be lower in retirement<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-5-i-m-too-young-to-start-planning-for-retirement\">Myth 5: I\u2019m too young to start planning for retirement<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-6-retirement-investment-portfolios-should-always-be-conservative\">Myth 6: Retirement investment portfolios should always be conservative<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-retire-with-security\">Retire with security<\/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 might be 30 years away or just around the corner, but the questions are usually the same. How much will you need? Where will the money come from? And are you doing enough today to enjoy your golden years tomorrow?<\/p>\n\n\n\n<p>For many Canadians, the answers aren\u2019t clear. Based on a 2026 RBC Insurance poll conducted with Ipsos, while 59% of Canadians are confident they will have enough money to cover their basic retirement needs, confidence declines significantly when it comes to maintaining their desired lifestyle in retirement (51%).<\/p>\n\n\n\n<p>Add to this the impact of inflation on savings, expenses and purchasing power, and the uncertainty becomes even more pronounced. This lack of clarity can lead some people to rely on rough estimates, follow outdated advice, or avoid retirement planning altogether.<\/p>\n\n\n\n<p>This article looks at six common myths and what you can think about doing for your retirement instead.<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-key-takeaways\">Key takeaways<\/h3>\n\n\n\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>There\u2019s no magic <\/strong><strong>retirement <\/strong><strong>number<\/strong>. What counts as \u201cenough\u201d depends on your retirement lifestyle, goals, and financial circumstances.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>CPP and OAS <\/strong><strong>provide a foundation<\/strong><strong>,<\/strong><strong> not a full retirement income<\/strong>. Most Canadians will need personal savings to help bridge the gap.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>An RRSP isn\u2019t the <\/strong><strong>only retirement savings tool<\/strong><strong>.<\/strong> TFSAs, workplace pensions, and segregated funds can also play an important role.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your expenses may not <\/strong><strong>decrease<\/strong><strong> as much as you expect in retirement<\/strong>. Some costs may stay the same \u2014 or some, like healthcare expenses, may even increase.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The earlier you start<\/strong><strong> investing<\/strong><strong>, the more time your money has to grow. <\/strong>Even small contributions can add up over the long term.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>P<\/strong><strong>laying it too safe <\/strong><strong>with your investment<\/strong><strong>s<\/strong><strong> could<\/strong><strong> bring risks<\/strong><strong>.<\/strong> A portfolio with too little growth potential may struggle to keep pace with inflation over a long retirement.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-1-you-need-1-million-to-retire-comfortably-in-canada\">Myth 1: You need $1 million to retire comfortably in Canada<\/h2>\n\n\n\n<p>A common misconception is that you need a million bucks in the bank to retire comfortably in Canada. It\u2019s been repeated for so long \u2014 in financial ads and casual conversations \u2014 that it\u2019s become a magic number stuck in people\u2019s heads.<\/p>\n\n\n\n<p>The problem is that retirement isn&#8217;t one-size-fits-all. A single number assumes everyone has the same spending habits, housing costs, retirement goals, income sources, and financial obligations. But everyone\u2019s situation is different.<\/p>\n\n\n\n<p>As a rough guide, a $1 million portfolio could potentially support withdrawals of roughly $40,000 per year over a <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada\/\"><\/a><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada\/\" data-dig-id=\"LP-Uncategorized-Retirement-42995-7340dbe3\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"25- to 30-year retirement\" class=\"rbc-link-format\">25- to 30-year retirement<\/a>, depending on market conditions, inflation, and how your investments perform. Add in government benefits or a pension, and that may be comfortable for some \u2014 but not nearly enough for others.<\/p>\n\n\n\n<p>Chasing a figure that isn\u2019t based on your individual circumstances can backfire. If you assume you need less than you do, you may come up short when you retire. But aiming for a number that\u2019s far higher than necessary can be just as problematic. It might lead you to pinch pennies, live smaller, delay experiences, or make sacrifices that don\u2019t meaningfully improve your retirement security.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-run-the-numbers\">Run the numbers<\/h3>\n\n\n\n<p>Rather than chasing an arbitrary retirement savings target, build one that reflects your goals and circumstances. A few common benchmarks can help you estimate whether you\u2019re on track:<\/p>\n\n\n\n<p><strong>10 to 15 percent rule:<\/strong> Many financial advisors recommend saving roughly 10 to 15 per cent of your pre-tax income throughout your working years. Combined with investment growth and government benefits, that may provide a substantial portion of your retirement income. But the right percentage ultimately depends on factors like your retirement goals, expected expenses, income sources (like workplace pension plans), and age.<\/p>\n\n\n\n<p><strong>Recommended <\/strong><strong>m<\/strong><strong>ilestone <\/strong><strong>a<\/strong><strong>ge:<\/strong> Another way to gauge your progress is to compare your savings against age-based benchmarks. For example, that may look like:<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>By age 30: 1x annual salary saved<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>By age 40: 3x annual salary saved<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>By age 50: 6x annual salary saved<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>By age 60: 8x annual salary saved<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n<\/ul>\n<\/ul>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>For someone earning $75,500, those targets might look like this:<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>At 30:<\/strong> $75,500 saved<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>B<\/strong><strong>y 40<\/strong><strong>:<\/strong> $226,500 saved<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>By 50<\/strong><strong>:<\/strong> $453,000 saved<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>By 60<\/strong><strong>:<\/strong> $604,000 saved<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n<\/ul>\n<\/ul>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>Those may seem like big numbers \u2014 but spread out over decades and supported by investment growth, it\u2019s often more achievable than at first glance. <\/p>\n\n\n\n<p>The goal isn&#8217;t to hit a magic number. It&#8217;s to build a retirement plan around the lifestyle you want and regularly check your progress along the way. You can test different scenarios using RBC&#8217;s <a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/retirement-calculators.html\" data-dig-id=\"LP-Uncategorized-Retirement-42995-d48455a7\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"online retirement savings calculators\" class=\"rbc-link-format\">online retirement savings calculators<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-2-cpp-will-cover-my-retirement-needs\">Myth 2: CPP will cover my retirement needs<\/h2>\n\n\n\n<p>If you\u2019ve contributed to the Canada Pension Plan (CPP) throughout your career, it can be easy to assume those monthly payments will cover most of your retirement expenses<\/p>\n\n\n\n<p>But CPP was never designed to be a <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/newsroom\/whats-the-plan-when-life-happens-most-canadians-dont-have-one-rbc-insurance-poll\/\"><\/a><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/newsroom\/whats-the-plan-when-life-happens-most-canadians-dont-have-one-rbc-insurance-poll\/\" data-dig-id=\"LP-Uncategorized-Retirement-42995-7340dbe3\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"primary retirement income source\" class=\"rbc-link-format\">primary retirement income source<\/a>. Historically, it was intended to replace about 25 per cent of a worker\u2019s average earnings. Government benefits provide an important foundation, but most Canadians will need personal savings to help bridge the gap.<\/p>\n\n\n\n<p>Consider the numbers. In 2026, the maximum monthly payment amount at age 65 is about <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/payment-amounts.html\" target=\"_blank\" data-dig-id=\"LP-Uncategorized-Retirement-42995-a4864508\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"$1,508 per month\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">$1,508 per month<\/a>. That&#8217;s a meaningful starting point, but it&#8217;s worth thinking through how it lines up with your actual expenses. Would it cover your rent or mortgage, groceries, utilities, and other day-to-day costs? For many Canadians, it covers part of the picture rather than all of it, which is why personal savings and other income sources tend to play an important role alongside these benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-the-full-picture-of-your-retirement-income\">Get the full picture of your retirement income<\/h3>\n\n\n\n<p>Your retirement income will come from multiple sources, and it helps to know what each may provide:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Canada Pension Plan (CPP)<\/strong>: The Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you\u2019ll receive the CPP retirement pension for the rest of your life, but exactly how much you\u2019ll receive in <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/payment-amounts.html\" target=\"_blank\" data-dig-id=\"LP-Uncategorized-Retirement-42995-f3cb21c7\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"CPP pension payments\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">CPP pension payments<\/a> is based on how much and how long you paid into the plan, and the age you start your pension. People who spent time out of the workforce, or earned lower incomes, generally receive less. Also, delaying CPP until age 70 increases your monthly benefit by 42 per cent compared to starting at age 65 \u2014 and you&#8217;ll receive that larger payment for the rest of your life. <\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/old-age-security.html\" target=\"_blank\" data-dig-id=\"LP-Uncategorized-Retirement-42995-e3ed8fad\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Old Age Security\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\"><strong>Old Age Security<\/strong><\/a><strong> (OAS)<\/strong>: A flat-rate government benefit that\u2019s available from age 65 and primarily based on years of Canadian residency. If you earn a high income in retirement, some of it may get <a class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/old-age-security\/recovery-tax.html\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-Uncategorized-Retirement-42995-3dfd32c8\" data-dig-label=\"clawed back\" data-dig-action=\"link click\" data-dig-category=\"LP-Uncategorized-Retirement\">clawed back<\/a>.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><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-Uncategorized-Retirement-42995-bfc04633\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"The Guaranteed Income Supplement\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\"><strong>The Guaranteed Income Supplement<\/strong><\/a><strong> (GIS):<\/strong> A government benefit that tops up OAS payments for lower-income seniors.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Personal savings:<\/strong> Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), workplace pensions, and other investments often make the biggest difference in determining your retirement lifestyle.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n\n\n\n<p>The key is understanding how these pieces fit together. The <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/retirement-income-calculator.html\" target=\"_blank\" data-dig-id=\"LP-Uncategorized-Retirement-42995-14f8c24f\" data-dig-category=\"LP-Uncategorized-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> can help estimate your future retirement income and identify any potential shortfalls before you retire.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-3-i-only-need-an-rrsp-for-retirement\">Myth 3: I only need an RRSP for retirement<\/h2>\n\n\n\n<p>Many Canadians consider an RRSP to be the retirement account that matters most: contribute, claim the deduction, and repeat.<\/p>\n\n\n\n<p>It\u2019s true that an RRSP is a powerful retirement savings tool, but it isn&#8217;t the only one worth considering.<\/p>\n\n\n\n<p>One reason is taxes. While RRSPs can reduce your taxable income today, withdrawals from an RRSP or Registered Retirement Income Fund (RRIF) are taxed as income. A big withdrawal can also increase your taxable income enough to shrink income-tested benefits (government financial supports that scale based on your household earnings), such as OAS or GIS.<\/p>\n\n\n\n<p>Rely solely on RRSPs and you risk missing out on the benefits of other retirement savings accounts that work differently \u2014 and sometimes better \u2014 for achieving certain goals. That&#8217;s why many retirement plans include a mix of accounts and investments. Different savings vehicles offer different tax advantages, levels of flexibility, and estate-planning benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-other-ways-to-save-for-retirement\">Other ways to save for retirement<\/h3>\n\n\n\n<p>Think of your RRSP as one player on a team. A few others worth considering:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>T<\/strong><strong>FSA<\/strong><strong>s<\/strong><strong>.<\/strong><strong> <\/strong>Contributions aren\u2019t tax deductible, but anything you take out \u2014 including interest and investment gains \u2014 is tax-free. You can make withdrawals anytime you want, and they don\u2019t count as income that would affect your eligibility for income-tested benefits like OAS or GIS.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Work<\/strong><strong>place<\/strong><strong> pension<\/strong><strong> plans<\/strong><strong>. <\/strong>If your employer offers a pension plan, make the most of it \u2014 especially if they match your contributions.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Segregated funds.<\/strong>Offered by insurance companies, segregated funds like <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/retirement\/segregated-funds\/\"><\/a><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/retirement\/segregated-funds\/\" class=\"rbc-link-format\">RBC Guaranteed Investment Funds<\/a> (GIFs) let you invest in the stock and bond markets much like a mutual fund.What makes them different is their built-in guarantees. Depending on the contract, you\u2019re guaranteed to get back 75% or 100% of the money you invested at maturity or death (minus fees and taxes), even if the value of your investments dropped. Segregated funds can be held in registered and non-registered accounts.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-4-your-cost-of-living-will-be-lower-in-retirement\">Myth 4: Your cost of living will be lower in retirement<\/h2>\n\n\n\n<p>Many Canadians assume they&#8217;ll spend far less once they retire. After all, commuting costs disappear, work clothes gather dust, and daily expenses should shrink. Right?<\/p>\n\n\n\n<p>Not necessarily. While some expenses may drop after retirement, others stay the same, and some increase. Many retirees discover their spending doesn\u2019t drop as much as they expected.<\/p>\n\n\n\n<p>The data backs that up: According to Statistics Canada, households headed by someone age 65 or older spent an average of <a href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=1110022701\" target=\"_blank\" data-dig-id=\"LP-Uncategorized-Retirement-42995-f3363dc2\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"about $78,500 per year\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">about $78,500 per year<\/a> in 2023 \u2014 slightly <strong><em>more <\/em><\/strong>than the national household average.<\/p>\n\n\n\n<p>The reason is simple: retirement doesn\u2019t eliminate many of life&#8217;s biggest expenses. Housing, property taxes, utilities, groceries, insurance, and home repairs continue regardless of whether you\u2019re working or not. Some retirees may still be carrying debt, helping family members financially, or paying more out of pocket for healthcare after losing employer benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-plan-a-budget-for-retirement\">Plan a budget for retirement<\/h3>\n\n\n\n<p>Finding your individual target number \u2014 or <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada\/\"><\/a><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada\/\" class=\"rbc-link-format\">how much money you&#8217;ll need to retire<\/a> \u2014 starts with creating a retirement budget.<\/p>\n\n\n\n<p>Begin with your current spending and pinpoint which costs will disappear once you stop working. Then consider the expenses that may stay the same \u2014 or even increase. One effective approach is to picture retirement in three stages and budget for each separately:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The active years (roughly age 65 to 75)<\/strong>. You\u2019ve likely recently retired and understandably want to make the most of it. This is often the priciest stage. Travel, hobbies, entertainment, and treating loved ones can drive spending higher than expected.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The slower years (roughly age 75 to 85). <\/strong>Trips and major activities may slow down, but the everyday bills still come in, think hydro, rent, or groceries.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The later years (age 85+). <\/strong>Long-term care, home care, or retirement living expenses often become a bigger part of the budget. Anyone who\u2019s <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-Uncategorized-Retirement-42995-d5f2df40\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"helped an aging parent\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">helped an aging parent<\/a> knows these bills can add up fast.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n\n\n\n<p>One more thing to consider is inflation. The gradual increase in the cost of goods and services over time. Your retirement budget should account for today\u2019s expenses, but also for how those costs may rise over time. For instance, using an inflation rate of 3 per cent, something that costs $1,000 today could balloon to $2,094 in 25 years. As much as we\u2019d like it to, our grocery bill won\u2019t stay frozen at 2026 prices, so your financial plan shouldn\u2019t either.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-5-i-m-too-young-to-start-planning-for-retirement\">Myth 5: I\u2019m too young to start planning for retirement<\/h2>\n\n\n\n<p>When retirement is decades away, it&#8217;s easy to think that saving can wait. But delaying retirement planning and saving is one of the most expensive choices you can make. Why? It largely boils down to compound growth.<\/p>\n\n\n\n<p>Think of it like a snowball rolling downhill. It starts small, but over time, it grows larger as more snow sticks to it. Investing works the same way. Your money earns a return, and when that return is reinvested, it starts earning returns of its own. Over time, growth builds on growth, allowing your nest egg to bulk up if it stays invested for the long term.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-cost-of-waiting\">The cost of waiting<\/h3>\n\n\n\n<p>When it comes to retirement savings, time can be just as important as the amount you contribute.<\/p>\n\n\n\n<p>Imagine two people who invest $500 every month and earn an average annual return of 6 per cent. The difference? One starts at age 25 and the other waits until age 35. <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp\/rrsp-calculator.html\" data-dig-id=\"LP-Uncategorized-Retirement-42995-572c902f\" data-dig-category=\"LP-Uncategorized-Retirement\" data-dig-action=\"link click\" data-dig-label=\"Using this RBC savings calculator\" class=\"rbc-link-format\">Using this RBC savings calculator<\/a>, we can estimate where they might land at age 65:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Start at 25: <\/strong>By age 65, they\u2019ve contributed about <strong>$240,000<\/strong> and accumulated roughly <strong>$1 million<\/strong><strong>.<\/strong><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Start at 35: <\/strong>By age 65, they\u2019ve contributed about <strong>$180,500<\/strong> and accumulated roughly $<strong>500,000<\/strong>.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n\n\n\n<p>The 25-year-old person who started 10 years earlier contributed only $60,000 more, but ended up with nearly twice as much money in retirement. That&#8217;s the power of compound growth, and why waiting can be costly.<\/p>\n\n\n\n<p>If you\u2019re just getting started, you can try to keep it simple:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Open a TFSA and start<\/strong><strong> saving<\/strong>. Even small amounts snowball over time.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Take advantage of employer matching<\/strong> if it\u2019s offered at your workplace.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Contribute regularly to an RRSP.<\/strong> Automatic contributions can help make saving a habit.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Increase your savings when your income rises<\/strong>. Raises, bonuses, inheritances, and other windfalls can be opportunities to boost your retirement savings without affecting your daily budget.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-6-retirement-investment-portfolios-should-always-be-conservative\">Myth 6: Retirement investment portfolios should always be conservative<\/h2>\n\n\n\n<p>Many people assume retirement means moving all their savings into low-risk investments, such as bonds or Guaranteed Investment Certificates (GICs), and avoiding market volatility altogether. Protecting your savings is a smart instinct, but it&#8217;s worth balancing that caution with the full picture.<\/p>\n\n\n\n<p>Time is a key factor. Canadians are living longer, and retirement can last 25, 30, or even 35 years. Someone who retires at age 65 may need their savings to last well into their 80s or 90s. Over a stretch that long, an overly cautious portfolio may have a harder time keeping pace with inflation.<\/p>\n\n\n\n<p>Consider a retiree earning 3 per cent annually on a GIC, while inflation is also running at 3 per cent. On paper, their savings are growing. In reality, their purchasing power is flat. Once taxes are paid on the interest earned, they may actually be losing ground.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rethink-your-investment-strategy\">Rethink your investment strategy<\/h3>\n\n\n\n<p>The fix isn\u2019t to gamble. It\u2019s to build a risk-appropriate, diversified portfolio that balances stability with growth.<\/p>\n\n\n\n<p>For many retirees, that means keeping at least a portion of their savings invested in assets with the potential to outpace inflation. The right mix will depend on factors such as your age, spending needs, income sources, risk tolerance, and how long your money needs to last.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/do-you-need-life-insurance-when-retired-canada\/\" class=\"rbc-link-format\">Insurance products may also play a role for some retirees<\/a>. Depending on your financial goals, solutions such as permanent life insurance or universal life insurance can help support estate planning, tax planning, or long-term wealth transfer strategies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-retire-with-security\">Retire with security<\/h2>\n\n\n\n<p>Retirement is about more than building savings, it&#8217;s about creating confidence that your money can support the lifestyle you want in years to come.<\/p>\n\n\n\n<p>Products such as <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/reasons-to-consider-payout-annuities\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/reasons-to-consider-payout-annuities\/\" class=\"rbc-link-format\">payout annuities<\/a><\/a> and segregated funds can help provide greater income certainty. A payout annuity converts a lump sum into a predictable stream of income, while segregated funds offer growth potential along with built-in guarantees that can help protect your savings. Together, they can help make retirement income more predictable and secure.<\/p>\n\n\n\n<p>Not sure where to begin? A licensed RBC Insurance advisor can help you separate fact from fiction, nail down your goals, and create a plan tailored to your needs. To learn more about retirement solutions, including annuities and segregated funds, <a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/retirement\/index.html\"><a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/retirement\/index.html\" class=\"rbc-link-format\">book a call with an advisor today<\/a><\/a>.<\/p>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Busting the many common retirement planning myths. From saving timelines to spending habits, get the facts and start building a retirement strategy today.<\/p>\n","protected":false},"author":222,"featured_media":42997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false,"_ppma_block_editor_authors":""},"categories":[43],"tags":[],"article-type":[80],"ppma_author":[183],"class_list":{"0":"post-42995","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"article-type-advice-learning"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>6 Common Myths About Retirement Planning in Canada | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Busting the many common retirement planning myths. 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