How to save for retirement + how much you actually need [Canada]

Because you need enough money in retirement to serve as your only source of income, it’s important that you build a large enough “nest egg” they call it, to last you from the day you retire until the day you pass away. The government standard age for retirement is 65 — but that choice is entirely yours. Regardless, you will likely need enough money to last you, let’s say, 30 years.

One way to ensure that this happens is by investing the money into stocks within a tax-sheltered account. On average, and depending on your risk tolerance, you will receive a return of 7% to 8%. Other options for where to save your retirement money include a group retirement account offered by your employer (bonus points if they have a matching program), your own retirement account like a TFSA, RRSP for Canadians or a traditional or Roth option for Americans, or a personal account for Canadians and an IRA for Americans. You can also put your money into any regular investment account, but be aware that there are no tax advantages to this, meaning you will be taxed for any capital gains earned on that asset.

Retirement calculators:
wealthsimple.com/en-ca/tool/retirement-calculat…
canada.ca/en/services/benefits/publicpensions/c…
milliondollarjourney.com/5-useful-retirement-ca…

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