Most Canadians Don’t Have a Retirement Plan
Because a Meaningful Retirement Takes More Than Money
The Canadian Institute of Actuaries (yes – that would be the other CIA) noted in February of 2025 that their research indicates “that over half of Canadians don’t have a comprehensive retirement plan, and only 44% of Canadians without a plan expect to live comfortably in retirement.” And that considers ONLY the financial piece of the puzzle. The aspects that don’t consider money are given even less thought.
If the financial plan is the map, the non-financial plan is the compass. It helps you find direction when circumstances shift: when work ends, routines disappear, and the question of what now? begins. In my coaching conversations, this is where the real readiness work happens: uncovering what brings joy, acting with intention, and creating meaning in everyday life.
When Retirement Arrives
Canadians begin retirement for all kinds of reasons. Some see age 65 as the “finish line.” Others have a dollar amount in mind and bow out when their balance hits that magic number. And some are suddenly forced into retirement when a job disappears. For me, change became the priority at 55.
You may be shocked to learn that I didn’t have a retirement plan at all.
Financially, I’d started building a nest egg back in 1986 (thank you, RRSPs through payroll deduction), but I couldn’t rely on that alone to sustain a long life. And there are no guarantees. My approach was to “plan for the future and hope for the best.”
I was done with the grind. The juggling of hundreds of emails and tasks every day had lost meaning. I wasn’t invested in the work anymore and felt like a hamster on a wheel. When my daily question became “What am I really doing here?”, it was time to make a change. Prioritizing peace of mind over everything else was what set me on my current path.
As David Chilton, author of The Wealthy Barber, recently shared on his podcast – clients rarely arrive with good or bad plans; most arrive with no plan at all. It seems I’m in good company.
The Real Missing Piece
As a Retirement Coach, I see this all the time.
And just to be clear – I don’t give financial advice. And money is only one part of retirement planning. We live in a world that talks a lot about saving for retirement but very little about living it. You don’t have to be wealthy to seek guidance; in fact, clarity often matters most when the nest egg isn’t huge.
As a recovering perfectionist, I no longer plan out every detail (and yes, I’m still figuring out my next couple of decades). My “sink-or-swim” leap from corporate life wasn’t for everyone. For me, it was exactly what I needed. It was scary. It was freeing. And I wouldn’t change a thing.
Redefining Readiness
Here’s what became crystal clear:
Each of us benefits from discovering what truly matters – personally. There’s no one-size-fits-all formula for retirement. There are countless ways to shape this stage of life, and my goal now is to give myself permission to choose as options unfold.
So, finances aside… how do you know if you’re ready for retirement?
Here’s the good news and the bad news: only you can know.
We live in a world that craves quick answers: “Just tell me what to do, ChatGPT!” However, that mindset is part of what feeds our anxiety about retirement. We’ve lost touch with our internal guidance system – our sense of purpose. And that can’t come from anyone or anything outside of ourselves.
Start with what lights you up. That’s where readiness begins.
What Matters Most?
To help, I created a Retirement Compass Check – a short, reflective quiz that highlights areas of comfort and areas that may need attention as you prepare for retirement. It’s the same tool I use with clients to spark powerful conversations about what matters most.
You’ll consider things like identity, energy levels and the quality of your relationships.
A 2024 IE (Investment Executive) study of nearly 6000 Canadians over 50, found that “43% were at risk of social isolation and 59% reported that they felt somewhat or very lonely“. Retirement is not a time to withdraw when there is still so much life to live.
Because for me, the three pillars of a Remarkable Retirement are Joy, Intention, and Meaning.
Find Your Bearings
Retirement isn’t a single decision – it’s a series of choices that shape how you live, connect, and contribute. The compass that guides you through it isn’t found in a spreadsheet or a calendar date. It’s the quiet knowing that you’re creating a life aligned with what matters most.
If you’re ready to explore what that looks like for you, start with my Retirement Readiness Compass – Short Form (PDF). This is a simple way to see where you feel grounded and where you might want to recalibrate.
Then, if you’d like to go deeper, I’m inviting a few more people to pilot the self-paced version of my Remarkable Retirement program – designed to help you bring more joy, intention, and meaning to this next chapter.
Take the quiz, reflect, and then book a free 30-minute call – I’d love to hear your story.