Retirement Resource Centre - Will I have enough? - RBC Global Asset Management

Will I have enough?

Determining where your income will come from and how much ​​​​​​​is enough is an important step in preparing for your retirement.


The ability to live life on your own terms in retirement is often considered the ultimate goal. To achieve this you must ask yourself – will I have enough money to retire?

By assessing your priorities, taking stock of your sources of income and establishing goals, you can take the appropriate steps to help ensure you will have the financial resources you need to transition into retirement with confidence.

Retirement Income

Once you are no longer working, your retirement income will most likely come from three key sources: government benefits, employer retirement or pension plans, and personal savings and investments.

Government benefits could come in the form of the Canadian Pension Plan (CPP), which provides a monthly benefit to eligible Canadians starting as early as age 60, or Old Age Security (OAS), which begins at age 65.

Employer retirement or pension plans may also be in place if you’ve contributed to a company pension plan at work. Be sure to check with your employer for details because each company is different.

Your personal savings may include money you’ve set aside in a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA), which allow your investments to grow on a tax-advantaged basis. Of course, you may have other savings and assets that can provide you with even more flexibility by providing other sources of income in retirement.

How much is enough?

Forecasting your future financial needs can be complicated, so it often helps to speak with a financial advisor to help you to figure out how much you’ll need to reach your retirement goals. Some questions to keep in mind are:​​​​​​​


What are your goals? What kind of lifestyle do you want to live?


How much will you need to ​​​​​​​attain your goals?


What savings do you currently have in place and how much more do you need (if any)?


How much time will it take to reach your retirement ​​​​​​​savings goals?

How do I get there?

Whether you are nearing retirement or still many years away, there are four ways you can boost your retirement income. To remember them, think of the acronym STEW:

Talk to your financial advisor about your retirement goals.

This information has been provided by RBC Global Asset Management Inc. (RBC GAM) and is for informational purposes only. It is not intended to provide legal, accounting, tax, investment, financial or other advice and such information should not be relied upon for providing such advice. The information contained herein is from sources believed to be reliable, but accuracy cannot be guaranteed. Please consult your advisor and read the prospectus or Fund Facts document before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. RBC Funds, BlueBay Funds and PH&N Funds are offered by RBC Global Asset Management Inc. and distributed through authorized dealers.

® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © RBC Global Asset Management Inc. 2017

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