Retirement Planning

CPP, OAS, RRIF, withdrawal strategies.

Module 1 of 12

What retirement actually costs in Canada

What you'll learn

The 70% rule (retirement income = 70% of pre-retirement)
Replacement ratio vs lifestyle goals
Healthcare, travel, housing in retirement
'I'll work until I die' isn't a plan

The Canadian number

~$65,000/yr

Median Canadian household spending age 65+

Source: Statistics Canada 2022

The story

Median Canadian household spending at 65+ is about $65,000/year. The 'rule' of 70% of your pre-retirement income is a starting point. Your actual number depends on your mortgage being paid off, your kids being independent, and your travel plans.

This week's action

Estimate your retirement spending from current spending minus mortgage, commute, and kids.