Back to learn
How much should Canadians save for retirement?
Rounding it up
Canadians should aim to save at least 10 to 15% of their pre-tax income for retirement each month.
Saving for your golden years requires frequent contributions to an RRSP or a similar tax-advantaged retirement account.
When planning your retirement savings strategy, consider other potential sources of income, such as other investment accounts, rental income, and employer or government pensions.
The earlier you can start saving for retirement, the better; there’s no better time to start saving than right now.
Gaby Pilson
Gaby Pilson is a writer, educator, travel guide, and lover of all things personal finance. She’s passionate about helping people feel empowered to take control of their financial lives by making investing, budgeting, and money-saving resources accessible to everyone.
Related articles
Do credit scores matter for retirement?
7 mins
Gaby PilsonWorried that your credit score will complicate your retirement? Here’s what you need to know about credit in retirement.
Do credit scores matter for retirement?
7 mins
Gaby Pilson
Worried that your credit score will complicate your retirement? Here’s what you need to know about credit in retirement.
#Credit score
#retirement
#savings
How much does inflation affect retirement?
3 mins
Ally StreelmanDon’t let inflation cramp your future. Learn how it affects your retirement and what you can do.
How much does inflation affect retirement?
3 mins
Ally Streelman
Don’t let inflation cramp your future. Learn how it affects your retirement and what you can do.
#retirement
#savings
#inflation
What is the best interest rate on savings accounts?
7 mins
Yekaterina GalanovaNot all savings accounts are created equal. Learn here how to pick the one that has your best interest in mind.
What is the best interest rate on savings accounts?
7 mins
Yekaterina Galanova
Not all savings accounts are created equal. Learn here how to pick the one that has your best interest in mind.
#interest
#interest rate
#savings
#savings account
How much is a mortgage downpayment in Canada?
5 mins
Yekaterina GalanovaThe down payment is the amount of money you put down towards a mortgage loan when buying a house. The standard down payment for a mortgage in Canada is 20% but can be as low as 5% or as high as 35%.
How much is a mortgage downpayment in Canada?
5 mins
Yekaterina Galanova
The down payment is the amount of money you put down towards a mortgage loan when buying a house. The standard down payment for a mortgage in Canada is 20% but can be as low as 5% or as high as 35%.
#mortgage
#savings
#budgeting
What is the equivalent of a 401k in Canada?
7 mins
Dan BuchererDon’t fear! There are 401(k) type accounts in Canada and in many ways, they’re better than their American counterparts.
What is the equivalent of a 401k in Canada?
7 mins
Dan Bucherer
Don’t fear! There are 401(k) type accounts in Canada and in many ways, they’re better than their American counterparts.
#retirement
#401k
#RRSP
How many years do you have to work in Canada to receive a pension?
7 mins
Dan BuchererYou don’t have to work as long as you think to get Canadian Pension Plan benefits. The amount you get, however, depends on a few factors.
How many years do you have to work in Canada to receive a pension?
7 mins
Dan Bucherer
You don’t have to work as long as you think to get Canadian Pension Plan benefits. The amount you get, however, depends on a few factors.
#pension
#retirement
#CPP
#QPP