How much should I have in my RRSP by age?

A common benchmark is 1× your salary by age 30, 3× by 40, 6× by 50, and 8–10× by 60. The average RRSP balance varies widely, but aiming for at least these multiples puts you on track for a comfortable retirement.

When can I start collecting CPP?

You can start collecting CPP as early as age 60 (with a permanent reduction of 0.6% per month before 65) or delay until age 70 (with a 0.7% per month increase after 65). The standard age is 65.

What is the difference between an RRSP and a RRIF?

An RRSP is a tax-deferred savings account you contribute to during your working years. A RRIF is what your RRSP converts to by December 31 of the year you turn 71 — you must withdraw a minimum amount each year, which is taxed as income.

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Retirement – RRSP, CPP, OAS & Pension Planning (Canada)

Retirement – RRSP, CPP, OAS & Pension Planning (Canada)

Updated March 2026

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