{"id":96933,"date":"2026-03-02T16:49:22","date_gmt":"2026-03-02T21:49:22","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=96933"},"modified":"2026-04-01T10:42:36","modified_gmt":"2026-04-01T14:42:36","slug":"behind-on-retirement-savings-what-to-do-now","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/behind-on-retirement-savings-what-to-do-now\/","title":{"rendered":"Behind on retirement savings? What to do now."},"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\">\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>Many Canadians feel behind on retirement savings due to rising costs and competing financial priorities.<\/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>Retirement readiness doesn\u2019t mean hitting a magic number \u2013 it involves generating enough sustainable income to support your lifestyle in retirement.<\/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>Even in your 40s, 50s and 60s, increasing contributions, using unused RRSP room and adjusting your expectations can address retirement shortfalls.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>A clear picture of your income sources, a realistic savings plan, and a timeline that reflects your goals can make retirement feel far more manageable.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Life is busy. Between managing mortgage payments, raising children, supporting aging parents and handling debt, there are so many priorities competing for your time and money. As a result, Canadians often delay planning for retirement It\u2019s not that it\u2019s unimportant, but more immediate responsibilities have a tendency of taking over.<\/p>\n\n\n\n<p>If this sounds familiar, you\u2019re far from alone. A recent&nbsp;<a href=\"https:\/\/www.rbc.com\/newsroom\/news\/article.html?article=126068\">RBC poll<\/a>&nbsp;found that the majority of Canadians say everyday costs are holding them back from achieving their financial goals.<\/p>\n\n\n\n<p>At some point, though, retirement stops feeling like a distant idea and starts feeling real. And for many Canadians, that realization can bring a wave of concern, especially if savings haven\u2019t kept pace with expectations.<\/p>\n\n\n\n<p>The good news is, falling behind isn\u2019t the end of the story. There are practical ways to address retirement savings shortfalls and catch up on retirement savings, even later in your career.<\/p>\n\n\n\n<p>If you feel behind on retirement savings, this article is here to offer you reassurance, clarity and practical, judgment-free guidance. Whether you\u2019ve saved consistently, sporadically or not at all, there are steps you can take now to strengthen your financial security and move toward retirement with greater confidence.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-so-many-40-65-year-old-canadians-feel-behind-on-retirement\">Why so many 40\u201365-year-old Canadians feel behind on retirement<\/h2>\n\n\n\n<p>Many Canadians between 40 and 65 feel behind on retirement because they\u2019ve had competing financial priorities for decades, and rising costs have made it hard to save consistently.<\/p>\n\n\n\n<p>According to the <a href=\"https:\/\/hoopp.com\/news-and-insights\/research-and-analysis\/2025-canadian-retirement-survey\" data-dig-id=\"LP-96933-c9668880\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"HOOPP 2025 Canadian Retirement Survey\" class=\"rbc-link-format\">HOOPP 2025 Canadian Retirement Survey<\/a>, 56% of Canadians say affordability challenges and economic uncertainty are making them worried about having enough money in retirement. Nearly half (49%) have not set aside any money for retirement in the past year, and 39% have never saved for retirement.<\/p>\n\n\n\n<p>Here are some of the biggest factors contributing to retirement savings shortfalls:<\/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 id=\"h-rising-cost-of-living\"><strong>Rising cost of living<\/strong><br>Housing, groceries, insurance and everyday expenses have <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/240815\/dq240815b-eng.htm\" data-dig-id=\"LP-96933-307a5424\" data-dig-label=\"climbed steadily\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">climbed steadily<\/a> in recent years. When cash flow is tight, long-term savings are often the first thing to pause.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p id=\"h-a-later-start-to-saving\"><strong>A later start to saving<\/strong><br>Many Canadians spend their early working years paying off student loans, building careers or purchasing a home. Retirement contributions often begin later as a result.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Fewer workplace pensions<\/strong><br>Previous generations were more likely to have defined benefit pensions. Today, workplace savings plans require more personal responsibility, and those without workplace plans must build retirement income through RRSPs, TFSAs and other investments.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Sandwich Generation pressures<\/strong><br>Supporting both children and aging parents can strain finances and limit how much can be set aside for the future.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Economic shocks and uncertainty<\/strong><br>Over the past 25 years, Canadians have navigated multiple financial disruptions \u2013 from the 2008 financial crisis to the COVID-19 pandemic and recent inflation. Each event has made long-term planning more challenging.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>If you see your own situation here, take comfort in knowing that feeling behind is common \u2013 and challenges can be addressed with practical steps.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-does-retirement-ready-actually-mean-in-canada\">What does \u201cretirement ready\u201d actually mean in Canada?<\/h2>\n\n\n\n<p>Being retirement ready doesn\u2019t mean hitting a magic savings number. Rather, retirement readiness involves having a realistic plan to generate enough income to support your needs and lifestyle, without relying on full-time work.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-much-retirement-income-do-you-really-need\">How much retirement income do you really need?<\/h3>\n\n\n\n<p>If you\u2019ve ever wondered, <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/million-dollar-myth\/\" data-dig-id=\"LP-96933-ed066199\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"how much should I save for retirement\" class=\"rbc-link-format\"><em>how much should I save for retirement<\/em><\/a>, the honest answer is: it depends. Your personal target depends on such factors 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>Whether your mortgage will be paid off<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>How much debt you\u2019re carrying<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your desired lifestyle and travel plans<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Healthcare needs<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Family support responsibilities<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Where you plan to live<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>While some costs drop in retirement \u2013 such as commuting, work-related expenses and retirement contributions \u2013 others may increase. Think healthcare, travel and leisure activities.<\/p>\n\n\n\n<p>Comparing yourself to others rarely helps. Your income simply needs to reasonably support the life you want.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-role-of-cpp-oas-and-personal-savings\">The role of CPP, OAS, and personal savings<\/h3>\n\n\n\n<p>Most Canadians will receive retirement income from government programs such as the Canada Pension Plan (CPP) and Old Age Security (OAS). Depending on income, the Guaranteed Income Supplement (GIS) may also apply.<\/p>\n\n\n\n<p>These government benefits are designed to provide foundational income. As building blocks of your retirement income, they\u2019re not meant to fully replace your working salary.<\/p>\n\n\n\n<p>That\u2019s where personal savings and assets come in, including:<\/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>Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Tax-Free Savings Accounts (TFSAs)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Workplace pensions<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Non-registered investments<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Real estate<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Coordinating your government benefits with your personal savings is what ultimately supports retirement readiness.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-retirement-readiness-looks-different-for-everyone\">Why retirement readiness looks different for everyone<\/h3>\n\n\n\n<p>Everyone has different goals and pathways to retirement.<\/p>\n\n\n\n<p>Some Canadians retire at 60. Others work into their 70s (or later). Some want to travel extensively, while others prefer a simpler, lower-cost lifestyle.<\/p>\n\n\n\n<p>Your health, career flexibility, financial obligations and personal goals all shape what \u201cready\u201d looks like \u2013 along with how much you\u2019ve saved.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-am-i-on-track-how-to-assess-readiness\">Am I on track? How to assess readiness<\/h2>\n\n\n\n<p>You\u2019re on track for retirement readiness if your current savings rate and projected income sources are likely to cover your essential expenses and support the lifestyle you want by the time you plan to stop working.<\/p>\n\n\n\n<p>If that feels unclear, that\u2019s normal. Many people haven\u2019t formally projected their retirement income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-signs-you-may-be-behind-and-why-that-s-common\">Key signs you may be behind \u2014 and why that\u2019s common<\/h3>\n\n\n\n<p>You might be behind if you:<\/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>Have saved little or nothing for retirement so far<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Have paused contributions for several years<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Are relying heavily on home equity as your primary retirement plan<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Are unsure how much income your savings could generate<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Expect CPP and OAS to cover most of your expenses<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>These situations are common because many people focus on immediate financial needs \u2013 mortgages, education costs, family responsibilities \u2013 before long-term savings.<\/p>\n\n\n\n<p>The good news is that peak earning years in your late 40s and 50s can create meaningful opportunities to accelerate progress.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-benchmarks-vs-reality-what-averages-don-t-tell-you\">Benchmarks vs. reality: what averages don\u2019t tell you<\/h3>\n\n\n\n<p>You may have seen headlines that suggest you \u201cshould\u201d have two, three or five times your salary saved by a certain age. Benchmarks can be useful reference points, but they don\u2019t account for realities 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>Career breaks<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Divorce or family transitions<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Supporting children or parents<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Starting a business<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Paying down significant debt<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Averages also don\u2019t reflect regional differences in housing costs or lifestyle expectations.<\/p>\n\n\n\n<p>Instead of comparing yourself to a general statistic, focus on your personal cash flow, your assets and your timeline to evaluate your retirement readiness effectively. Retirement planning is individual \u2013 it\u2019s not a competition.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tools-that-can-help-estimate-retirement-income\">Tools that can help estimate retirement income<\/h3>\n\n\n\n<p>If you\u2019re unsure where you stand, simple tools can provide clarity.<\/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><a href=\"https:\/\/www.rbcroyalbank.com\/retirement\/retirement-calculators.html?msockid=3558ec293c0a67a0294dfa463d12661f\" data-dig-id=\"LP-96933-d2a03080\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Online calculators and tools\" class=\"rbc-link-format\">Online calculators and tools<\/a> can project retirement savings and the income they could generate<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your My Service Canada Account lets you review CPP estimates<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Workplace retirement savings programs typically offer projections<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>A financial advisor can provide a detailed retirement income projection<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Even a basic projection can answer critical questions, 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>What might my monthly income look like?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Where are my potential shortfalls?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>How much more would I need to save annually to close the gap?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>How would working a few extra years change the outcome?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Once you understand the numbers, you can make informed adjustments. Clarity can go a long way to reducing anxiety and chasing away the unknown.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-catch-up-on-retirement-savings-if-you-started-late\">How to catch up on retirement savings if you started late<\/h2>\n\n\n\n<p>If you delayed your retirement savings, a focused strategy can help you catch up on retirement savings and stay on track.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-increasing-contributions-in-your-peak-earning-years\">Increasing contributions in your peak earning years<\/h3>\n\n\n\n<p>Many Canadians reach their peak earning potential in their late 40s and 50s. That creates a valuable opportunity to accelerate retirement savings, by:<\/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>Increasing RRSP or TFSA contributions when income rises<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Making RRSP catch-up contributions using unused contribution room<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Redirecting bonuses or raises toward long-term savings<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Automating monthly contributions to simplify saving over time<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Using tax refunds to fund retirement accounts<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Even small contribution increases of 2-3% can have a meaningful impact over 10-15 years, especially when combined with investment growth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-making-smarter-use-of-rrsps-and-tfsas\">Making smarter use of RRSPs and TFSAs<\/h3>\n\n\n\n<p>If you started saving later, maximizing tax efficiency becomes even more important \u2013 and where RRSPs and TFSAs can really shine for you.<\/p>\n\n\n\n<p>RRSPs can:<\/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>Reduce taxable income today<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Provide tax-deferred growth<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Be particularly valuable in higher earning years<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>TFSAs offer:<\/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>Tax-free growth<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Flexible withdrawals<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>No impact on income-tested benefits like OAS<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Strategically using both accounts can strengthen your retirement planning strategy \u2013 especially if you have unused contribution room available.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-adjusting-expectations-without-giving-up-peace-of-mind\">Adjusting expectations without giving up peace of mind<\/h3>\n\n\n\n<p>Catching up can also involve adjusting timelines or expectations.<\/p>\n\n\n\n<p>For instance, you might consider:<\/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>Planning for a slightly later retirement date<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Reducing planned discretionary spending<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Considering part-time work in early retirement<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Exploring different housing options<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ways-to-catch-up-on-retirement-savings\">Ways to catch up on retirement savings<\/h3>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-layout-constrained wp-block-group-is-layout-constrained\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><strong>Strategy<\/strong><\/td><td><strong>How it Helps<\/strong><\/td><\/tr><tr><td>Increase contributions<\/td><td>Builds savings faster<\/td><\/tr><tr><td>Use unused RRSP room<\/td><td>Accelerates tax-deferred growth<br>Reduces taxable income today<\/td><\/tr><tr><td>Delay taking CPP<\/td><td>Increases guaranteed income through retirement<\/td><\/tr><tr><td>Work for 2-3 more years<\/td><td>Reduces the number of years your savings need to last<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Progress in your 40s, 50s or early 60s can still make a meaningful difference. Your runway may be shorter than it once was, but it\u2019s certainly not gone.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-should-you-delay-retirement\">Should you delay retirement?<\/h2>\n\n\n\n<p>Delaying retirement can help if you\u2019re behind on savings, giving you more time to contribute, you\u2019re your investments. Indeed, retirement today doesn\u2019t have to mean a full stop. Increasingly, it looks like a transition \u2013 one that blends financial security with personal fulfillment. And for some, that \u201csecond act\u201d becomes one of the most satisfying chapters of their lives.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-delaying-retirement-vs-phased-retirement\">Delaying retirement vs. phased retirement<\/h3>\n\n\n\n<p>Delaying retirement by even two to five years can meaningfully strengthen your financial picture. It may:<\/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>Give you more time to save<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Shorten the number of years your saving need to support<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Increase CPP benefits<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Provide continued access to workplace benefits<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Phased retirement looks a little different. Reducing hours, contract work or shifting responsibilities can create breathing room while maintaining income. It can offer a gradual transition emotionally, which you might find valuable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-part-time-work-in-retirement\">Part-time work in retirement<\/h3>\n\n\n\n<p>For some Canadians, part-time work in retirement provides more than financial support, offering a sense of purpose, structure, social connection and intellectual stimulation.<\/p>\n\n\n\n<p>This second act might be mentoring, starting a business, teaching, freelancing or working in a field you\u2019ve always wanted to pursue.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-timing-cpp-and-oas-strategically\">Timing CPP and OAS strategically<\/h3>\n\n\n\n<p>Another powerful lever is timing government benefits.<\/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><a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp.html\" data-dig-id=\"LP-96933-2bb1384d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"CPP\" class=\"rbc-link-format\">CPP<\/a> can be taken as early as age 60 or delayed up to age 70. Delaying increases your monthly payment permanently.<\/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\" data-dig-id=\"LP-96933-e01ed8c7\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"OAS\" class=\"rbc-link-format\">OAS<\/a> can begin at 65, with increases for deferral up to age 70.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>For those who can afford to wait, delaying benefits can create significantly higher guaranteed income later in life, which can reduce pressure on personal savings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-debt-housing-and-retirement-planning\">Debt, housing, and retirement planning<\/h2>\n\n\n\n<p>Retirement planning rarely happens in isolation \u2013 there are mortgages, lines of credit, credit cards and other financial obligations to consider.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pay-down-debt-or-save-for-retirement-first\">Pay down debt or save for retirement first?<\/h3>\n\n\n\n<p>The answer to one of the most common financial planning questions is this: it depends. It depends on the type of debt you have and your financial flexibility. Having said that, in many cases, a balanced approach works best.<\/p>\n\n\n\n<p>If you\u2019re carrying high-interest debt, prioritizing repayment is usually the most effective first step. The interest savings often outweigh potential investment returns.<\/p>\n\n\n\n<p>If your debt is lower-interest, such as a mortgage, you may be able to continue contributing to retirement savings while making structured payments.<\/p>\n\n\n\n<p>The questions to ask yourself are:<\/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>What is the interest rate on my debt?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Am I contributing enough to capture employer matching?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Do I have a clear timeline for repayment?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Will I realistically have this debt in retirement?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Entering retirement with manageable or eliminated high-interest debt can reduce stress and lower the income you\u2019ll need later.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mortgage-considerations-in-your-50s-and-60s\">Mortgage considerations in your 50s and 60s<\/h3>\n\n\n\n<p>Many Canadians approach retirement still carrying a mortgage. Ideally, your housing costs are predictable and affordable by retirement. That might mean accelerating mortgage payments in peak earning years, refinancing strategically or planning your retirement timing around the payoff of your mortgage.<\/p>\n\n\n\n<p>Being mortgage-free isn\u2019t a requirement for retirement, but knowing whether your projected income can comfortably support your housing costs can make them easier to plan for.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-downsizing-renting-or-staying-put\">Downsizing, renting, or staying put<\/h3>\n\n\n\n<p>Housing is often the largest asset \u2013 and the largest expense \u2013 in retirement planning. You may be thinking about downsizing or relocating to a lower-cost area to free up equity, or to rent to simplify maintenance and expenses. Or, if your home is affordable and suits your long-term needs, you may be planning to stay put.<\/p>\n\n\n\n<p>There\u2019s no universal correct choice. The right choice balances financial flexibility with your lifestyle preferences. What matters more to you? Additional retirement income or stability and familiarity?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-to-get-help-with-retirement-planning\">When to get help with retirement planning<\/h2>\n\n\n\n<p>You don\u2019t have to navigate retirement planning by yourself, especially if the numbers feel unclear.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-signs-you-could-benefit-from-professional-advice\">Signs you could benefit from professional advice<\/h3>\n\n\n\n<p>You might benefit from speaking with a <a href=\"https:\/\/www.rbcfinancialplanning.com\/\" data-dig-id=\"LP-96933-ec1eee3a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"financial advisor\" class=\"rbc-link-format\">financial advisor<\/a> if:<\/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>You\u2019re unsure whether you\u2019re on track<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You don\u2019t know how much income your savings could generate<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You\u2019re deciding when to take CPP or OAS<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You\u2019re balancing debt repayment with retirement contributions<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You\u2019re within 5-10 years of retirement<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You\u2019re feeling anxious about making a wrong move<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>An advisor can help turn your uncertainty into a structured plan \u2013 and a roadmap to follow.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-a-retirement-plan-can-clarify\">What a retirement plan can clarify<\/h3>\n\n\n\n<p>A retirement plan can help you calculate savings targets, but it can also help answer the key questions you might have about your retirement. Questions like:<\/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>When can I realistically retire?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>What would happen if I worked two more years?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>How much can I safely spend each year?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>How should I draw income from different accounts?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>How do I reduce taxes in retirement?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>When you can see your future income mapped out, even under different scenarios, it can reduce emotional stress. After all, retirement readiness is so much more than numbers \u2013 it\u2019s having a clear strategy and the flexibility to adjust it as life evolves.<\/p>\n\n\n\n<p>If you\u2019ve ever felt behind on retirement savings, you\u2019re not alone \u2013 and you\u2019re not out of options.<\/p>\n\n\n\n<p>With a clear picture of your income sources, a realistic savings plan and a timeline that reflects your goals, retirement can feel far more manageable than it once did.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faq\">FAQ<\/h2>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title4e86879e\" class=\"collapse-toggle collapsed\" data-target=\"#accordion4e86879e\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96933-4e86879e\" aria-controls=\"accordion4e86879e\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Am I too far behind to retire comfortably in Canada?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Am I too far behind to retire comfortably in Canada?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion4e86879e\" role=\"region\" aria-labelledby=\"accordion-title4e86879e\"><div class=\"collapse-inner\">\n<p>In most cases, no. Even if you started late, your peak earning years may still allow for meaningful savings growth. Adjustments to your retirement timeline, spending expectations or timing your benefits can also improve your readiness.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title5ea033c6\" class=\"collapse-toggle collapsed\" data-target=\"#accordion5ea033c6\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96933-5ea033c6\" aria-controls=\"accordion5ea033c6\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How much should a 40-65-year-old Canadian have saved by now?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How much should a 40-65-year-old Canadian have saved by now?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion5ea033c6\" role=\"region\" aria-labelledby=\"accordion-title5ea033c6\"><div class=\"collapse-inner\">\n<p>There\u2019s no universal number. Savings targets depend on income, lifestyle expectations, debt levels, pension access and when you plan to retire. While general benchmarks exist, they don\u2019t reflect individual circumstances. What\u2019s more important is whether your projected income can cover your expected retirement expenses.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title7262d222\" class=\"collapse-toggle collapsed\" data-target=\"#accordion7262d222\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96933-7262d222\" aria-controls=\"accordion7262d222\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Is it too late to fix my retirement plan in my 40s, 50s, 60s?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Is it too late to fix my retirement plan in my 40s, 50s, 60s?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion7262d222\" role=\"region\" aria-labelledby=\"accordion-title7262d222\"><div class=\"collapse-inner\">\n<p>No. While starting earlier provides more time for growth, meaningful progress can still happen later in life. Increasing contributions, adjusting retirement timing, optimizing government benefits and reviewing housing decisions can all significantly improve your outlook.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleee17e313\" class=\"collapse-toggle collapsed\" data-target=\"#accordionee17e313\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96933-ee17e313\" aria-controls=\"accordionee17e313\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Will CPP and OAS be enough if I haven\u2019t saved much?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Will CPP and OAS be enough if I haven\u2019t saved much?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionee17e313\" role=\"region\" aria-labelledby=\"accordion-titleee17e313\"><div class=\"collapse-inner\">\n<p>For most Canadians, CPP and OAS provide a foundation, not a full income replacement. If you haven\u2019t saved extensively, you may need to tailor your lifestyle to align with those benefits, unless you plan to work part-time or use other assets such as home equity.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title291bc25a\" class=\"collapse-toggle collapsed\" data-target=\"#accordion291bc25a\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96933-291bc25a\" aria-controls=\"accordion291bc25a\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Should I prioritize debt repayment or retirement savings?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Should I prioritize debt repayment or retirement savings?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion291bc25a\" role=\"region\" aria-labelledby=\"accordion-title291bc25a\"><div class=\"collapse-inner\">\n<p>It depends on the type and interest rate of your debt. High-interest debt is usually best addressed first. Lower-interest debt, such as a mortgage, may allow you to continue contributing to retirement savings at the same time. A balanced approach is often effective.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlee7a2b71d\" class=\"collapse-toggle collapsed\" data-target=\"#accordione7a2b71d\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96933-e7a2b71d\" aria-controls=\"accordione7a2b71d\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What if my retirement looks different from what I planned?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What if my retirement looks different from what I planned?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordione7a2b71d\" role=\"region\" aria-labelledby=\"accordion-titlee7a2b71d\"><div class=\"collapse-inner\">\n<p>That\u2019s OK! Retirement today is more flexible than it was for previous generations. Working longer, transitioning gradually, relocating or adjusting lifestyle expectations can all be part of a healthy, sustainable plan.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\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>Behind on retirement savings? Assess your retirement readiness and learn how to catch up with proven strategies designed for Canadians.<\/p>\n","protected":false},"author":90,"featured_media":96934,"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":[77,536],"rbc_content_type":[31],"rbc_audience":[39,300],"rbc_lob_group":[506],"rbc_difficulty_level":[33],"rbc_mmm_category":[303,352,313],"class_list":["post-96933","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-personal-finance","tag-retirement","rbc_content_type-article","rbc_audience-parents","rbc_audience-relationships","rbc_lob_group-ways-to-bank","rbc_difficulty_level-beginner","rbc_mmm_category-goals-aspirations","rbc_mmm_category-planning-for-retirement","rbc_mmm_category-retirement"],"acf":{"contently_publication_id":"","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":[{"title":"Why so many 40\u201365-year-old Canadians feel behind on retirement","url":"#h-why-so-many-40-65-year-old-canadians-feel-behind-on-retirement"},{"title":"What does \u201cretirement ready\u201d actually mean in Canada?","url":"#h-what-does-retirement-ready-actually-mean-in-canada"},{"title":"Am I on track? How to assess readiness","url":"#h-am-i-on-track-how-to-assess-readiness"},{"title":"How to catch up on retirement savings if you started late","url":"#h-how-to-catch-up-on-retirement-savings-if-you-started-late"},{"title":"Should you delay retirement?","url":"#h-should-you-delay-retirement"},{"title":"Debt, housing, and retirement planning","url":"#h-debt-housing-and-retirement-planning"}],"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Behind on retirement savings? 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