Planning for retirement starts with understanding where your income will come from and how much you'll need to maintain your lifestyle. 

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A few facts

• Less than 1/2 of Canadian workers are covered by employer pension plans

• People are starting to save earlier for retirement

• You could be retired for a longer period of time than you actually worked

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Retirement money comes from

• Your employment pension

• Your RRSP’s

• Your savings, assets, and investments

• Government programs

• Canada Pension Plan

• Old Age Security

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More people are beginning to save earlier to prepare for longer retirements, sometimes lasting even longer than their working years, and relying on a mix of pensions, savings and investments, and government programs. 

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As a general rule of thumb, you'll want to plan for about 70% of your current pre-tax earnings to support your standard of living once you stop working.