{"id":57668,"date":"2026-01-09T15:23:19","date_gmt":"2026-01-09T20:23:19","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/the-million-dollar-retirement-myth-pay-uf\/"},"modified":"2026-01-30T11:05:14","modified_gmt":"2026-01-30T16:05:14","slug":"million-dollar-myth","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/million-dollar-myth\/","title":{"rendered":"How Much Do You Really Need to Retire Comfortably in Canada? Debunking the Million Dollar Myth"},"content":{"rendered":"\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\"><\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Retirement dreams are personal, so take a tailored approach to determine your savings goal.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Look at both sides of your balance sheet. What income will you generate, and what costs will you incur?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>If you need to save more, speak to an advisor about options including RRSPs and TFSAs<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>The widespread belief that you need a million dollars to retire comfortably makes many Canadians&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor-2\/ideas-and-motivation\/is-it-too-late-to-save-for-retirement-how-to-invest-in-your-40s-50s-and-60s\/\">worry that they\u2019ve fallen&nbsp;behind<\/a>. This \u201cmagic number\u201d first gained traction in media and books as a straightforward rule of thumb for people to follow, but it may be time to retire it.<em>&nbsp;<\/em>With the&nbsp;cost of living higher&nbsp;than it has ever been, it can be difficult to imagine hitting that seven-figure savings mark. Well, what if you don\u2019t have to?&nbsp;<\/p>\n\n\n\n<p>Half of Canadians say their&nbsp;<a href=\"https:\/\/www.rbc.com\/newsroom\/news\/article.html?article=125870\">most important investment goal<\/a>&nbsp;is to retire comfortably. But what does that mean and how much do you really need? The answer will be different for&nbsp;everyone. Not every person approaching retirement needs a million dollars in their accounts. Many factors can contribute to developing the right number for you.&nbsp;<\/p>\n\n\n\n<p>More important than the million-dollar retirement goal is a focus on individual needs\u2014deciding what you want your retirement to look like and figuring out how much that will cost. Your retirement savings goal may be lower than you think.&nbsp;That\u2019s because the savings amount isn\u2019t the only factor; it\u2019s also about your expenses and managing your cashflow now to prepare for the future.<\/p>\n\n\n\n<p>Here are some questions to help you reshape how much you think you need to retire. They\u2019ll help clarify your goals and take stock of your assets and expenses.<\/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>Not everyone wants to retire at the same stage in life. Some people&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-we-can-learn-from-the-fire-movement\/\">sprint toward an early retirement<\/a>, while others find meaning by continuing to work in some capacity beyond the average retirement age.&nbsp;<\/p>\n\n\n\n<p>Canada\u2019s average retirement age has been steadily rising over the last 20 years, with many people opting to work longer to compensate for today\u2019s higher cost of living. In 2003, the average person retired before they turned 62; in 2024, the&nbsp;<a href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=1410006001\" target=\"_blank\" rel=\"noreferrer noopener\">average retirement age is 65.<\/a><\/p>\n\n\n\n<p>When you leave the workforce, or take a step back, you\u2019ll need to consider how you will replace your income for any ongoing expenses, such as:<\/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>Existing mortgages, other loans or consumer debt<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Supporting adult children or grandchildren<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Caring for aging parents<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Your target retirement age will affect how much money you\u2019ll need to save. Canadians live to be&nbsp;<a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/250305\/dq250305a-eng.htm\" target=\"_blank\" rel=\"noreferrer noopener\">81 on average<\/a>, according to Statistics Canada. This means if you are planning to retire in your 50s, you\u2019ll need to cover your expenses for&nbsp;approximately 20 to 40 years; but if you retire in your 60s, you\u2019ll need to cover 15 to 30 years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-will-retirement-change-your-current-spending\">How will retirement change your current spending?<\/h2>\n\n\n\n<p>The next step is to consider your budget today and how it compares to the budget you\u2019ll likely have in retirement. How much do you spend now on food, housing, utilities, gas and insurance? Are these costs likely to be stable, go up or go down? &nbsp;<\/p>\n\n\n\n<p>There will likely be some trade-offs. You may predict you\u2019ll spend less on gas and car maintenance if you commute to work, for example, but more on dining out and excursions with friends once your work schedule is cleared.<\/p>\n\n\n\n<p>Furthermore, you\u2019ll need to consider new expenses in your balance sheet. Do you want to travel, go back to school or enjoy entertainment like live theatre more frequently? Figure these expenses into your future budget; you\u2019ll need the savings to pay for them.<\/p>\n\n\n\n<p>Don\u2019t forget that costs may rise\u2014although likely not as fast as in recent years. Canada\u2019s inflation rate has cooled significantly from its 2022 peak and is hovering around the Bank of Canada\u2019s 2 per cent target. Inflation can be difficult to predict, but&nbsp;<a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/rbc-inflation-watch\/\" data-dig-id=\"LP-57668-e13096ee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"analysts don\u2019t see cause for concern on the horizon\" class=\"rbc-link-format\">analysts don\u2019t see cause for concern on the horizon<\/a>.&nbsp;Your retirement income should factor 1 to 3 per cent inflation into your costs.<\/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>This is where you\u2019ll have to do some math to figure out how much income will be coming in from&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/retirement-planning\/employer-sponsored-pension.html\" target=\"_blank\" rel=\"noreferrer noopener\">Employer Pensions<\/a>,&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp.html\" target=\"_blank\" rel=\"noreferrer noopener\">Canada Pension Plan&nbsp;(CPP)<\/a>,&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/old-age-security.html\" target=\"_blank\" rel=\"noreferrer noopener\">Old Age Security<\/a>&nbsp;pension (OAS), the&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/old-age-security\/guaranteed-income-supplement\/benefit-amount.html\" target=\"_blank\" rel=\"noreferrer noopener\">Guaranteed Income Supplement<\/a>&nbsp;(GIS), personal savings and investments, and any rental income or income from part-time work.<\/p>\n\n\n\n<p>Will the income generated be enough to pay for your retirement? Will you need to put more money towards your investments? Are you anticipating an inheritance or a property sale to provide more money towards retirement savings?<\/p>\n\n\n\n<p>Don\u2019t underestimate your potential income from CPP and OAS.&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/cpp-benefit\/amount.html\" target=\"_blank\" rel=\"noreferrer noopener\">The average monthly amount<\/a>&nbsp;the CPP paid for a new retirement pension (at age 65) in July 2025 was $848.37, up to a maximum of $1,433. That\u2019s a potential maximum annual income of $17,196 before tax. The amount you receive will depend on how much and for how long you&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/contributions.html\" target=\"_blank\" rel=\"noreferrer noopener\">have contributed to the CPP<\/a>, in addition to your age when you want CPP to start. As you\u2019re crunching numbers, try our <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp\/rrsp-calculator.html\">retirement calculator<\/a> and see how much you can save in an RRSP.<\/p>\n\n\n\n<p>One practical way to get a feel for your upcoming retirement budget is to try living within it for a few weeks. This will give you a sense of what\u2019s to come, and you\u2019ll have time to adjust either your plan or your expectations if necessary. Remember to stay flexible. In all likelihood, the lifestyle you pursue at the beginning of your retirement will be different from what you want 20 years later.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-save-for-retirement\">How to save for retirement<\/h2>\n\n\n\n<p>More than half of Canadians polled invest in a&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp.html\">Registered Retirement Savings Plan (RRSP)<\/a>. If you\u2019re not one of them, consider opening an account. This popular investment account letsyou save for retirement and may help you lower your tax bill, by allowing you to deduct RRSP contributions from your taxable income.<\/p>\n\n\n\n<p>A complementary account is a&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/tfsa.html\">Tax-Free Savings Account (TFSA)<\/a>, which allows you to save for a big-ticket item or can also be used to save for retirement. For example,&nbsp;you might want to help pay for your adult child\u2019s wedding or put money towards a down payment on their house.&nbsp;Funds to contribute to these life events can come out of your TFSA. You can withdraw tax-free for any reason.<\/p>\n\n\n\n<p>If you\u2019re wondering whether to save in an RRSP or TFSA as retirement draws closer, consider your level of income, as this makes a difference. If you are earning a higher income and have RRSP contribution room left, investing this way can potentially lower your tax bracket; but if you\u2019re working part-time or have a lower income, TFSA contributions might be right for you. Planning<sup>1 <\/sup>with an advisor will help you determine the right mix for your particular circumstances.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-bottom-line\">The bottom line<\/h2>\n\n\n\n<p>Retiring is a major life change with many moving parts. You can best prepare by talking to an advisor&nbsp;who can work with you to review where you stand and help determine what you still need&nbsp; to do to reach your retirement goals. You might be surprised about how close you are to funding the retired life you want.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>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","protected":false},"excerpt":{"rendered":"<p>How much do you need to retire? The million-dollar myth is out. Instead, focus on your individual needs to determine your savings goal.<\/p>\n","protected":false},"author":10,"featured_media":96454,"parent":57299,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[143,48],"rbc_content_type":[31],"rbc_audience":[93],"rbc_lob_group":[35],"rbc_difficulty_level":[33],"rbc_mmm_category":[303,352,313],"class_list":["post-57668","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-pension","tag-savings","rbc_content_type-article","rbc_audience-seniors","rbc_lob_group-business","rbc_difficulty_level-beginner","rbc_mmm_category-goals-aspirations","rbc_mmm_category-planning-for-retirement","rbc_mmm_category-retirement"],"acf":{"contently_publication_id":"149616","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Planning your retirement? 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