Are You Saving Enough for Retirement? A Realistic Look at Closing the Gap

Why the Retirement Math Has Gotten Harder

Two forces are quietly reshaping retirement planning for Canadians: inflation, which erodes the purchasing power of savings, and longevity — the very good problem of living longer, which means those savings need to last longer too.

The result is that many people who once felt on track are now facing a gap between the retirement they planned for and the one their current savings will actually fund. Some are resigning themselves to working longer or scaling back their expectations. Neither has to be the default outcome.

Closing the Gap Starts With a Clear Picture

Before adjusting a plan, it helps to actually see it clearly. That means understanding:

• Your current financial picture and every source of retirement income you'll have — today and in the future
• Whether your existing portfolio is still the right fit for your time horizon and risk tolerance
• Where tax efficiency is being left on the table

Building Blocks of a Stronger Retirement Income Plan

A comprehensive retirement plan typically layers several strategies together, which can include:

• Income for life — guaranteed income sources that remove the risk of outliving your savings
• Tax-efficient income structures — positioning withdrawals and account types to minimize the tax bill in retirement
• An accelerated savings strategy — for those starting later or wanting to catch up

A Plan Is Only as Good as the Advice Behind It

Retirement planning isn't a single product or a single decision — it's an ongoing process of reviewing, adjusting, and coordinating the pieces as your life and the markets change.

If you're not confident your current plan gets you to the retirement you actually want, a review is the logical next step.