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Start Planning for Your Retirement Today

Uncover the things you may not have thought of yet and discover ways to keep more of your money.

Tools and Solutions You Might Like

Grow Your RRSP Faster

See how putting money regularly in an RRSP can grow your retirement savings.

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The Easy Way to Save for Retirement

An RBC Retirement Portfolio can help get you to—and through—your retirement.

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Top Retirement FAQs

When it comes to saving for retirement, a Registered Retirement Savings Plan (RRSP) is the #1 choice for most Canadians. A Tax-Free Savings Account (TFSA) can also be used to save for retirement, but it gives you the flexibility to save for short-term goals, too.

Here are a few ways the RRSP and TFSA stack up:

  • Your savings in an RRSP grow tax-deferred while your savings in a TFSA grow tax-free.
  • RRSP contributions are tax-deductible, helping you to pay less tax in your earning years. TFSA contributions are not tax-deductible.
  • You have to earn an income to put money in an RRSP. With a TFSA, you can contribute even if you aren’t working and earning.
  • You can’t keep saving in your RRSP after age 71—a TFSA lets you make contributions for life.
  • Withdrawals from a TFSA are never taxed. Withdrawals from an RRSP are taxed the year you withdraw the money.

To compare more features and benefits, see TFSA vs RRSP vs eSavings

Your retirement will be as unique as you are. Travel, sports, hobbies … no one will combine these and other activities the same way you will. Your retirement plan should be just as unique.

After all, no one has the exact same retirement benefit plans, tax considerations and priorities as you. That’s why you need a personalized approach to provide steady income when your regular paycheque stops.

Working with an RBC Financial Planner is one of the easiest ways to get started with your retirement plan. In addition, you can use resources like the ones below to help guide your conversation:

Avoiding emotional investing, following proven principles and adjusting your plan for the right reasons can help you reach your goals.

  • Don't Get Emotional: Negative headlines and market volatility can make it tempting to alter a well-designed investment plan. While selling off your portfolio may make you feel better, this decision could mean lost opportunity and not achieving your long-term investment goals.
  • Follow these Principles
    Stay disciplined with these five principles of successful investing:
    • Invest Early
    • Invest Regularly
    • Invest Enough
    • Diversify
    • Have a Plan

    Explore These Principles

  • Adjust Your Plan as Needed
    Your investment plan should be dynamic, not static. Here are three “levers” that can be adjusted over the years to meet your changing needs.
    - Lever 1: How Much You Invest
    Concerned about not having enough money to meet your goals? Consider adjusting how much you contribute on a regular basis. Even a small increase can have a significant impact long-term.
    - Lever 2: How Long You Invest
    You can extend or shorten your investing time horizon based on your needs. For example, postpone retirement or re-enter the workforce if you want more time to build your wealth.
    - Lever 3: How Much Risk You Have
    This lever should be shifted carefully as your risk profile is core to your investment plan. The best way to do this is to review your portfolio regularly with your financial planner.

Retirement means different things to different people—and that could include you and your spouse. Rather than waiting until retirement is right around the corner, talk to your spouse about what he or she wants out of retirement now.

Our interactive Your Future by Design® tool can help you get started.

Your Future by Design is a discovery process that you can walk through online and with an RBC Financial Planner. By asking the right questions, we can help you and your spouse identify what will be most important to you in retirement. Try it out now!

Let’s Start the Conversation

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Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.
The content of this publication is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. All charts, illustrations, examples, case studies and other demonstrative content are general and have been provided in this publication for illustrative purposes only. The case studies included do not represent actual events or real individuals. While efforts are made to ensure the accuracy and completeness of the information at the time of publication, errors and omissions may occur. Readers should consult their own professional advisors when planning to implement a strategy. This will ensure that individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax and legal rules and other investment factors are subject to change.