How to financially prepare so that you can retire with confidence

There is a perception that retirement is a pleasant time of life when one can unwind and enjoy a well-deserved rest. Rightfully so, after a lifetime of work, many Canadians expect they are on track for a comfortable retirement.

Unfortunately, retirement doesn’t plan itself. It requires effort and careful budgeting, and this has never been more important than it is now.

A Conference Board of Canada report from October 2014 shows that 60 per cent of those surveyed cannot comfortably retire with the money they have set aside. More alarming is the 60 per cent of those on the cusp of retirement – Canadians aged 55 to 64 – who say they have not put enough money aside. For them, time is running out.

Other findings in the report include:

  • Over one-third of Canadians say they don’t know when they’ll be able to retire.
  • Just over 40 per cent of Canadians aged 65+ say they have not put enough money aside.
  • More than half of current retirees rely solely or largely on public pension plans.

And with household debt near all-time highs in Canada, we are seeing more and more people retiring with debt. Whether it’s seniors who are helping adult children buy their first home, or who are perhaps supporting their own parents who are living longer, the burden on Canadians who are 65 and older is huge.

Part of the problem facing many seniors comes from a lack of planning. They may have planned for a certain standard of living, but with rising consumer prices, their savings are not sufficient for their needs. Or perhaps they are still spending at pre-retirement expenses on a budget that is fueled by post-retirement income.

At Consolidated Credit Counseling Services of Canada, we want Canadians to have the freedom to enjoy the rest that they deserve at the end of their careers. That’s why we have prepared a series of articles to help you to ensure a stable retirement, regardless of what stage of life you are now in.

Check out the following resources:

A key to a healthy retirement is eliminating debt. Some retirees have the luxury of retiring debt-free, but some need help. If you are on the cusp of retirement and are worrying about your debt load, give us a call at and speak to a trained credit counsellor to learn how we can help.