This is a complicated question with a lot of different variables, and the biggest variable is you. The lifestyle you plan to lead in your retirement and the number of years you plan to be retired both play a big role in deciding how much you’ll need to save.
Start by mapping out your expected expenses during retirement. Once you have an idea of how much you’ll need each year, you’ll have a guide for how much to save. Most people will need between 60% and 90% of their pre-retirement income. This income comes from a combination of Canada Pension Plan, Old Age Security, your employer pension, your RRSP, and any other savings you’ve accumulated.
Our Retirement Planner Calculator will help show you what you’ll need to retire. Call our Contact Centre at 866.863.6237 for additional help and advice.