Retirement planning — most people put it off because it feels overwhelming, but it really comes down to a few core building blocks.
In Canada, retirement income typically comes from a mix of sources, not just one:
→ Government benefits — CPP (Canada Pension Plan) and OAS (Old Age Security), based on contributions and residency history
→ Employer pension — if applicable, defined benefit or defined contribution, varies a lot by employer
→ Personal savings — RRSPs, TFSAs, and other investments you’ve built yourself
→ Other income streams — rental income, part-time work, or business income if applicable
The planning question isn’t really “how much do I need to save” in isolation — it’s “what will my income streams actually add up to, and does that cover my expected expenses.” Most people underestimate how early this planning should start, since compound growth and contribution room both reward starting sooner rather than later.
A few things worth checking now, regardless of your age:
→ Do you know your projected CPP/OAS amounts?
→ Are you maximizing tax-advantaged accounts (RRSP/TFSA) before other investing?
→ Does your current life/disability insurance protect your ability to keep contributing toward retirement if something happens before then?
Retirement planning and income protection aren’t separate conversations — an interruption to your working years affects both your current finances and your retirement trajectory.
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