While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
Romana King
Updated Jan 15, 2026
Retirement planning is often seen as a distant concern — until it isn’t. In a recent post on X (formerly known as Twitter) that went viral, a 49-year-old confessed to having $0 savings for retirement and only $900 in their bank account.
And they’re not alone. Many Canadians in their 50s find themselves in a similar situation.
But here’s the good news: According to a report released by Money.ca, the average retirement savings for Canadians aged 55 to 64 is $833,696 — a significant increase compared to the $183,067 saved by those in the 45 to 54 age range.
This sharp rise suggests that many Canadians focus heavily on increasing their retirement contributions in their 50s to close the gap before they retire.
If you’re one of many who have fallen behind on your retirement savings, don’t panic: Here are six ways you can make meaningful progress towards this goal.
CIBC Investor's Edge
Build your own investment portfolio and enjoy low commissions
Boost your savings by automating ‘catch-up’ contributions
Your 50s are prime earning years for most Canadians, which means you can boost your savings significantly.
In fact, the Canada Revenue Agency (CRA) allows individuals over 50 to make higher contributions to tax-advantaged accounts such as Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs).
These accounts can hold many assets such as cash, individual stocks, mutual funds or low-cost exchange traded funds (ETFs). Consider opening a discount brokerage account, like CIBC Investors’ Edge, so you can enjoy low commissions on trades and no or minimal account maintenance charges, depending on the size of your portfolio.
Pay no account fees for RRSPs with a balance of $25,000 or more and TFSAs with a balance of $10,000 or more. For non-registered accounts, CIBC Investor's Edge waives maintenance fees if the account balance exceeds $10,000.
Automating your “catch-up” contributions to these accounts via payroll deductions or pre-authorized transfers can help accelerate the growth of your retirement fund.
Get 100 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2526. Plus, get $150 or more cash back.† Offer ends March 31, 2026.
CIBC Investor's Edge
Build your own investment portfolio and enjoy low commissions
Whether you’re five or 15 years away from retirement, Wealthsimple Invest makes it easy to build a nest egg that can help reduce your reliance on government benefits later on.
Their pre-built portfolios are tailored to your retirement goals, risk tolerance and investment horizon, so whether you’re planning for a comfortable early retirement or steady growth over the long term, there’s a portfolio designed for you.
You can automate your contributions inside an RRSP or TFSA and let Wealthsimple handle the heavy lifting: managing risk, rebalancing your portfolio and reinvesting dividends.
Trusted by more than 3 million Canadians, Wealthsimple manages over $100 billion in assets and provides $1 million in eligible coverage through the CDIC for chequing accounts and CIPF for investments. Plus, as licensed fiduciaries, Wealthsimple's advisors must put your financial interests first.
It’s a simple, low-fee way to stay invested without constantly watching the markets. And when you open your first account and deposit at least $1 within 30 days, you’ll get a $25 bonus.
Visit Wealthsimple via our Apply Now button for up-to-date terms and conditions.
Supercharge your retirement investments
If you’re looking for other options to fund your retirement, you might consider investing directly in precious metals.
Gold has long been viewed as a potential safe-haven investment. It’s not tied to any one country, currency or economy. It can’t be printed out of thin air like fiat money, and investors tend to pile in during times of economic turmoil or geopolitical uncertainty — driving up its value.
But investing in gold isn’t just for the ultra-wealthy. With CIBC Investor’s Edge, you have the opportunity to tap into the world of precious metals without the worry of storing and protecting the actual gold bars.
CIBC Investor’s Edge offers these investments in the form of gold and silver e-certificates — no vaults, no mines — just a simple way to diversify your portfolio and grow your wealth.
Pay off high-interest debt and cut your expenses
Reducing your financial obligations now can significantly impact your retirement readiness. Focus on paying off high interest debt like credit card balances and personal loans, so you can free up more income for savings.
Consider consolidating your debt by taking out a single loan at a lower rate. This can both ease your interest costs and improve your credit score.
With a lender like Spring Financial, for instance, you can apply in just three minutes and get anywhere between $500 to $35,000 to help you pay down your high-interest debt. To qualify, you just need a valid government ID and some form of income.
Just fill in a few quick details about yourself and choose your loan amount.
A Spring Financial associate will contact you to review your application and guide you through the next steps. Once you’re approved, Spring Financial will e-transfer the funds directly into your bank account.
If you owe a substantial amount, you may also want to see if you qualify for a debt relief program to clear a significant portion of your debt.
You can get a free consultation with a debt relief expert who can work with you to help clear your debts and rehabilitate your credit with a plan tailored to your needs.
If your debt is only a couple of thousand dollars and you want to clear it as soon as possible, consider looking into Mogo.
You can get a line of credit of up to $3,500, and the online pre-approval takes only 3 minutes. If you fill out their pre-approval form, you have no obligation to sign up for a loan, and it won't hurt your credit score.
The entire process — from pre-approval to funding — is completed online in minutes, so there’s no waiting days to be matched with a lender.
You can easily chat with specialists on the app, and you'll get alerts to remind you of your payments.
Get expert help to maximize your investment returns
Once you've automated your catch-up contributions, you might consider getting expert help to refine your investment strategy. Based on your risk tolerance and investing horizon, you could consider a mix of dividend-paying stocks, alternative assets, mutual funds or bonds.
If you find yourself in need of some guidance along the way as you ensure your investments are working for you, consider using a tool like Moby. As a stock market research platform, Moby can simplify the process with curated stock picks and investing advice.
Plus, Moby provides personalized financial insights based on your unique goals, real-time market updates and investment research formatted in easy-to-understand reports so you can make informed decisions about your portfolio without being an investing wiz.
Reevaluate your financial plan
By your 50s, you likely have a clearer picture of your retirement timeline and financial needs. So, it’s the perfect time to determine your target retirement age and desired lifestyle.
Will you travel? Downsize your home? Understanding your goals will help you estimate how much you need to save.
Look at your projected income from sources such as Old Age Security (OAS), the Canada Pension Plan (CPP), workplace pensions and personal savings. This will help you identify potential shortfalls.
That’s where an all-in-one money management tool like Monarch Money comes in.
The app seamlessly connects all your accounts in one place, giving you a clear view of your investments, net worth, loans and expenses. You can see your investment allocation and adjust your risk profile as needed. Plus, you can create personalized dashboard to track your savings goals, investment performance or to get insights into your cash flow and spending — whatever is most important to you.
Get 50% OFF your first year with the code WISE50 today.
Explore additional income streams
If your current savings are insufficient, look into ways to boost your income:
- Take on freelance work or a side hustle: Earning additional income can be a fast track to saving more.
- Sell unneeded assets: Downsizing and selling unused property or assets can provide a financial boost.
- Consider working longer: Delaying retirement by even a few years can significantly increase your savings and reduce the number of years you need to draw on them.
Delay benefits for bigger payouts
For Canadians nearing retirement, delaying government benefits such as CPP or OAS can lead to increased monthly payouts. For example:
- Delaying CPP past age 65 can increase payments by 8.4% per year (up to age 70).
- Waiting to take OAS benefits can result in a 0.6% increase per month (or 7.2% per year).
Bottom line
Catching up on retirement savings in your 50s is not just possible — it’s achievable with a well-thought-out plan. By taking advantage of tax-advantaged accounts, reducing debt, optimizing investments and boosting income where possible, you can bridge the gap and retire comfortably. Remember, the best time to start was yesterday, but the next best time is today.
Romana King
Senior Editor
Romana King is the Senior Editor at Money.ca. She writes for various publications, and her book -- House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth -- continues to be an Amazon bestseller. Since its publication in November 2021, this book has won five awards, including the New York CPA Society's Excellence in Financial Journalism (EFJ) Book Award in 2022.
Explore the latest articles
Warren Buffett is buying a Canadian P&C firm
Morningstar strategist Greggory Warren was right: The Canadian stock that Warren Buffett is purchasing is the P&C insurance firm Chubb
Romana King
Senior Editor
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.
