Whether you are saving enough for retirement depends on your age, income, pension, housing and the retirement you want, so no single number answers it. This page covers the common benchmarks and where they come from, what government benefits cover, what being behind looks like, and the ways people catch up. It is part of the retirement planning hub.
Quick self-check
| Question | Usually a good sign | Usually a warning sign |
|---|---|---|
| Are you saving consistently? | Automatic contributions every pay | Saving only occasionally |
| High-interest debt | Paid off or shrinking | Carrying credit card balances |
| Registered accounts | Using TFSA and/or RRSP room | Long-term money sitting in cash |
| Retirement target | A rough budget and retirement age | No estimate of future needs |
Savings-rate and age benchmarks
The best-known benchmark comes from Fidelity Investments, a US firm. It assumes saving 15% of income a year from age 25, retiring at 67, and savings replacing 45% of pre-retirement income (on top of US Social Security). Its age milestones:
| Age | Fidelity’s savings target (multiple of salary) |
|---|---|
| 30 | 1x |
| 40 | 3x |
| 50 | 6x |
| 60 | 8x |
| 67 | 10x |
Source: Fidelity Investments, How much do I need to retire?
These are rough guides built on US assumptions. A defined-benefit pension lowers what you need to save yourself; retiring early, renting in retirement or planning a costly lifestyle raises it. For how Canadians actually compare, see net worth by age in Canada and average RRSP balance by age.
What CPP and OAS can cover
Government benefits are part of the plan and reduce how much your own savings must provide:
| Benefit | Yearly amount |
|---|---|
| CPP retirement pension, average for a new pension (July 2026) | $10,300 |
| CPP retirement pension, maximum at 65 (starting in January 2026) | $18,092 |
| OAS pension, maximum at 65 to 74 (October to December 2026) | $9,150 |
| OAS pension, maximum if deferred to 70 (October to December 2026) | $12,444 |
How much of your pre-retirement income these replace depends on your earnings: they cover a larger share for lower earners, and personal savings matter more the higher your income. The retirement income floor page adds up what the public programs pay together.
How much retirement income do you need?
The most useful target is your own expected retirement spending, not a percentage of salary: some costs fall away (payroll deductions, commuting, a paid-off mortgage) and others can rise (travel, health care). How much you need to retire walks through the calculation.
For example, if you assume you will need 70% of your current gross income:
| Current gross income | 70% of it |
|---|---|
| $60,000 | $42,000 |
| $80,000 | $56,000 |
| $100,000 | $70,000 |
How much is that a month?
Saving a share of gross income, per month:
| Gross income | 10% | 15% | 20% |
|---|---|---|---|
| $60,000 | $500 | $750 | $1,000 |
| $80,000 | $667 | $1,000 | $1,333 |
| $100,000 | $833 | $1,250 | $1,667 |
The retirement calculator projects where a given monthly amount could take you, and how much to invest per month looks at it from the other side.
What being behind looks like
Being behind is measured against your own target, not against other people. Four questions frame it:
- What do you spend now, and what would you spend in retirement?
- How much of that will CPP, OAS and any pension cover?
- How much do your savings need to provide each year?
- Are your current contributions on track to get there?
Ways people can fall behind include starting late because of student debt or housing costs, putting everything into the mortgage, using TFSA room mainly for short-term goals, and counting on future raises to make up the difference.
Ways people catch up
- Using registered room. Unused TFSA room carries forward (the limit is $7,000 for 2026), and RRSP room is 18% of the previous year’s earned income up to $33,810 for 2026, less any pension adjustment from a workplace plan, with unused room carried forward (your Notice of Assessment shows it). RRSP vs TFSA compares them.
- Employer matching. A workplace plan that matches contributions adds money you would otherwise leave behind.
- Paying off high-interest debt, which frees cash flow for saving.
- Saving part of each raise or bonus, so savings grow without cutting current spending.
- Working a few years longer, which adds saving years, shortens the years savings must cover, and can mean larger CPP and OAS if you delay them.
Related resources
Sources
The figures and rules on this page come from these sources, last checked against them between August 29, 2026 and September 29, 2026. How we check facts.
- Canada Revenue Agency: CPP contribution rates, maximums and exemptions
- Canada Revenue Agency: MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE
- Canada Revenue Agency: How contributions affect your RRSP deduction limit
- Fidelity Investments: How much do I need to retire? | Fidelity
- Government of Canada: Canada Pension Plan – Monthly payment amounts
- Government of Canada: CPP: When to start your retirement pension
- Government of Canada: Old Age Security payment amounts
- Government of Canada: Old Age Security pension recovery tax
- Government of Canada: Old Age Security - When to start your retirement pension