Short answer
There is no single retirement number for Canadians. Start with the yearly income you want, subtract CPP, Old Age Security and any workplace pension, and the rest has to come from savings over the years you expect to need it. That remaining amount, adjusted for growth and rising prices, is your savings target.
Next step: Use the retirement number calculator at https://ironmarkfinancial.ca/calc-retirement.html to get your own number. It is no-cost and takes about two minutes.
How much income will I want in retirement?
Think about what a normal year looks like for you in retirement: housing, food, travel, health costs and fun. Some costs may drop, like commuting. Others may rise. Pick a yearly amount you could live with.
How much will CPP and OAS pay me?
Two Government of Canada pensions cover many Canadians, though most people receive less than the maximum.
- CPP retirement pension. The maximum monthly amount in January 2026 is $1,507.65. The average monthly amount from October to December 2026 is $858.34.
- Old Age Security (OAS). For October to December 2026, the maximum is $762.50 a month at age 65 and $838.75 a month at age 75.
These amounts change, so check the Government of Canada pages linked below. Include any workplace pension too.
How much do I need to save myself?
Subtract your guaranteed income from the income you want. The remainder has to come from savings, like your RRSP and TFSA.
Example only. These numbers are invented to show the math. Say someone wants $60,000 a year and expects $30,000 a year from CPP, OAS and a pension. The gap is $30,000 a year. Over 25 years, that is $750,000 before counting growth and rising prices.
How do growth and inflation change my number?
Your savings can grow while you invest them, and prices tend to rise over time. Both matter. A calculator that lets you change the growth rate and the number of years is a safer guide than one fixed rule.
How do I know if I am on track?
Compare your target with what you have and what you save each month. If there is a gap, your options are saving more, starting sooner, working a little longer or planning for lower spending. Starting sooner often has the biggest effect, because growth has more time to work.
Where should I save for retirement?
Many Canadians use an RRSP, a TFSA or both. See our guide on TFSA vs RRSP for how to choose.
Does living in the GTA change my retirement number?
Housing and family costs vary a lot across Ontario. Use your own numbers, and revisit them every few years or when your plans change.
Frequently asked questions
How much money do I need to retire at 65 in Canada?
There is no one amount. It depends on the income you want, your CPP, OAS and pension income, and how long you expect to need it. Use the steps above or a retirement calculator.
Can I rely on CPP and OAS alone?
Many people need more. The Government of Canada lists the average CPP retirement pension for October to December 2026 as $858.34 a month, and the maximum OAS at 65 as $762.50 a month. Compare those with the income you want.
What is the maximum CPP retirement pension in 2026?
The Government of Canada lists $1,507.65 a month as the maximum in January 2026. Most people receive less.
Does starting earlier really matter?
Yes. Starting earlier gives your savings more time to grow. Our cost of waiting calculator shows the difference between starting now and starting later.
Do I need life insurance in retirement?
Not always. Needs often shrink once debts are paid and kids are independent, but some people keep coverage for a spouse, final costs or lifelong goals. Review it as your situation changes.
What is the fastest way to get my own number?
Use the Retirement Number Calculator at https://ironmarkfinancial.ca/calc-retirement.html. It answers the question: How much do I need to retire, and am I on track? It is no-cost with no obligation.
Sources and further reading
- Canada Pension Plan retirement pension (Government of Canada)
- Old Age Security (Government of Canada)
- RRSPs and related plans (Canada Revenue Agency)
- RRSP and TFSA dollar limits by year (Canada Revenue Agency)
Figures were checked against these pages on October 26, 2026. Limits and benefit amounts change, so confirm the current numbers with the source.
Related guides and tools:
This article is general education, not personal advice. Rules can change, so check the official sources above. In Ontario, life insurance quotes are prepared by a licensed life insurance agent.
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