Will I Have Enough Money to Retire?

Will I Have Enough Money to Retire and Make It Last?

It may be the most common question Canadians ask as they approach retirement:

It is an understandable concern. Retirement can last 20, 30 or even 40 years, and today’s higher cost of living has made it harder to know how much will truly be enough.

Recent surveys show just how many Canadians are feeling this uncertainty. According to the 2025 CPP Investments Retirement Survey, 59% of Canadians worry they will outlive their retirement savings.

The 2026 HOOPP Canadian Retirement Survey found that:

• 79% of Canadians are worried about inflation affecting their everyday expenses.
• 61% are concerned about cuts to government healthcare services.
• 56% rank having enough money in retirement among their top concerns.

These concerns are very real, but retirement planning is not about predicting every expense or knowing exactly how long you will live. It is about creating a flexible plan that can adjust as your life changes.

You may have heard that you need $1 million, $1.5 million or even more to retire comfortably. The truth is that there is no single retirement number that works for everyone.

How much you need depends on several things:

• The lifestyle you want
• When you plan to retire
• Whether you have a workplace pension
• Your expected CPP and OAS benefits
• Your housing costs and other debts
• Your health and family circumstances
• Whether you plan to travel, work part-time or help your children
• How much you would like to leave behind

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Someone with a paid-off home and a workplace pension may need considerably less in personal savings than someone who rents or has no guaranteed pension income.

The better question may not be, “Have I saved enough?” It may be: Will my expected income support the retirement I want?

For most of our working lives, the goal is relatively straightforward: earn money, pay our expenses and save what we can.

Retirement changes that pattern. Instead of building savings, you begin using them to create an income.

This can feel uncomfortable, particularly for people who have spent decades being careful with money.

A retirement income plan can help you understand:

• How much you can comfortably spend
• When to begin taking CPP and OAS
• Which accounts to draw from first
• How withdrawals may affect your taxes
• How your income could change over time
• What adjustments could be made if markets or expenses change

CPP can begin as early as age 60 or be delayed until age 70. Starting earlier provides a smaller monthly payment, while delaying it provides a larger one. OAS can also be delayed from age 65 to 70 for a higher monthly amount. The right timing depends on your health, cash flow, taxes, other income and personal priorities.

A good retirement plan should not only work when everything goes according to plan.

It should also consider less predictable events, such as:

• A period of poor investment returns
• Higher-than-expected inflation
• Major home repairs
• The loss of a spouse
• Helping an adult child or aging parent
• Increased healthcare or caregiving costs
• Living longer than expected - The average life expectancy in Canada is approximately 80 years for men and 84.3 years for women. It is also important to consider the potential cost of public or private assisted living and long-term care later in life, particularly if you require more support than your family can provide.

This does not mean you need to prepare for every possible worst-case scenario. It means testing your plan so you know where there is flexibility and what could be adjusted if life takes an unexpected turn.

Financial security is important, but it is only one part of a successful retirement.

It is also worth asking yourself:

• What will give my days purpose?
• How do I want to spend my time?
• Where do I want to live?
• Who do I want to spend more time with?
• What experiences are most important to me?
• What do I want to do while I am healthy and able?

Once you understand what you want retirement to look like, it becomes much easier to build a financial plan around it.

You may not be able to control inflation, investment markets or how long you will live. What you can do is create a plan, review it regularly and make thoughtful adjustments along the way.

Retirement planning is about knowing where your income will come from, understanding how much you can spend and feeling confident that your plan can adapt as life changes.

If you have been wondering whether you will have enough money to retire and make it last, you are certainly not alone. Starting the conversation and seeing the numbers clearly can be an important first step toward replacing uncertainty with confidence.

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Sources

• CPP Investments: 2025 Retirement Survey
•  HOOPP: 2026 Canadian Retirement Survey
• Government of Canada: When to Start Your CPP Retirement Pension
• Government of Canada: When to Start Your OAS Pension

This information has been prepared by Laura Chanin who is an Investment Advisor for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor and Portfolio Manager can open accounts only in the provinces in which they are registered.

iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operate