When should I retire?

Choosing the right time to retire is not a one-size-fits-all solution. Many Canadians retire around age 65 since that’s when government retirement benefits such as Old Age Security (OAS) are designed to start. While money is a significant factor in knowing when you may be able to retire, there are other benefits that your workplace may offer that can help you decide if you are ready to retire.

Retirement readiness case study

How Do I Know If I Can Afford to Retire?

The answer is different for everyone! Let's look at James and Mary asking this same question:

  • Married: for 37 years
  • Mary: was offered an early retirement package
  • James: wants to retire early with Mary

In This Case Study, RBC Helped the Couple:

  • Think through what they want to do when they retire, both in the short-term and down the road
  • Put together a strategy to achieve the goals and priorities that are important to them
  • Get more from their income sources, including a Locked-in Retirement Account (LIRA),
    TFSAs, the Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) and more
  • Create a flexible retirement income plan that considers the next 30 years and beyond

Read the case study to learn more, click here.

How much do I need to retire? 

Most people have a specific number in their heads, but many don’t really know if it’s enough. We can help.

Tips to Help You Know Where You Stand

Even if you've been saving for years, it's only natural to wonder if you’ll have enough to enjoy the retirement you want. Here are some tips that can help you know for sure.

  • Create a Budget and Try Living on It
  • Consolidate Your Savings and Investments (or at Least Your View of Them)
  • If You Don’t Have Enough…Make Saving Your #1 Financial Priority
  • Lets have a conversation.