Retirement isn't the finish line—it’s a new phase of life. But before you get there, you might be asking:
Do I have enough saved to live the life I want in retirement?

This question doesn’t have a one-size-fits-all answer. It depends on your lifestyle goals, income sources, expected expenses, and how long your retirement could last. At Matco Financial, we help you make sense of it all—so you can retire with confidence, not uncertainty.

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What “Enough” Means in Retirement

Your definition of “enough” is tied to the lifestyle you want to maintain in retirement. Do you plan to travel frequently? Downsize your home? Spend more on hobbies or family? These choices affect how much you'll need and how long your savings must last. While you may no longer be earning a full-time income, retirement doesn't mean your financial needs disappear, they just change.

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Understanding Retirement Age in Canada

In Canada, there’s no mandatory retirement age. However, many Canadians target age 65, since that’s when full Canada Pension Plan (CPP) and Old Age Security (OAS) benefits begin.

• CPP: You can start as early as 60 with reduced payments, wait until 65 for full benefits, or defer until 70 for a higher monthly income. CPP is based on your contributions throughout your working life.
• OAS: Available at 65 if you meet residency requirements. Unlike CPP, OAS doesn’t depend on your work history, it’s funded by tax revenues.

These programs form a key part of your retirement income, but they’re not usually enough on their own. You'll likely need additional savings and investments to maintain your lifestyle.

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How Much Income Will You Need?

A general rule of thumb is that you’ll need 70–80% of your pre-retirement income each year to maintain your standard of living in retirement.

Why less than 100%? Some expenses often decrease

• You may have paid off your mortgage
• You're no longer saving for retirement
• Work-related costs like commuting and meals out may disappear
• Your tax bracket may be lower due to reduced income

However, other costs may increase:

• Travel and leisure activities
• Health and dental care
• Home renovations or relocation
• Financial support for children

Our team helps you factor in all of these elements when estimating your income needs—because retirement planning should reflect real life, not just formulas.

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Estimating Your Needs with Matco’s Retirement Tool

To get a clearer picture of whether you’re on track, our Retirement Calculator allows you to input:

• Your expected retirement age
• Annual spending goals
• Investment returns
• Life expectancy

You can adjust key variables and see how your financial picture changes, helping you make smarter, data-driven decisions. Whether retirement is 5 or 25 years away, this tool gives you a valuable starting point.

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If You’re Not On Track—What Can You Do?

Not everyone hits their retirement target on their ideal timeline. If projections suggest your savings might fall short, here are steps you can take:

1. Save More (Even a Little Helps)

Increasing your savings rate, even modestly, can compound meaningfully over time, especially when invested wisely.

2. Delay Retirement

Working longer helps in two ways: it shortens the number of retirement years to fund and gives your investments more time to grow.

3. Adjust Lifestyle Expectations

Small lifestyle changes—downsizing your home, reducing discretionary spending, or relocating to a lower-cost area—can help close the gap.

4. Optimize Your Investments

A professionally managed portfolio tailored to your goals, risk tolerance, and timeline can improve your chances of reaching your targets.

At Matco, we work with you to explore every possible avenue before you make tough choices.

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The Role of Lifestyle in Retirement Planning

Retirement isn’t just about numbers—it’s about the life you want to live. That’s why our planning goes beyond calculators.

We help you consider:

• Travel: One trip a year or globe-trotting?
• Hobbies: Are you picking up golf or taking up art classes?
• Housing: Do you plan to age in place or move?
• Family: Do you want to help kids with education or pass on wealth?
• Location: Cost of living varies dramatically between cities, provinces, or     countries.

A retirement plan should be as unique as your vision for the future.

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Managing the Risks That Can Derail Your Plan

Retirement doesn’t mean a risk-free life. We help you prepare for:

• Healthcare Costs: We estimate your future medical expenses and recommend strategies such as designated savings accounts to help cover them.

• Inflation: Even modest inflation can erode your purchasing power. We help mitigate this by including inflation-resistant assets and planning for rising costs.

• Unexpected Life Events: From medical emergencies to family obligations, life doesn’t always follow a script. We build emergency buffers and contingency plans into your strategy.

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Ongoing Support and Guidance

Your retirement plan isn’t static. Life changes, and so should your strategy. With Matco, you get:

• Regular check-ins and reviews
• Adjustments based on market performance or life changes
• Updated strategies to reflect tax laws, estate goals, or lifestyle shifts

We also provide:

• Estate Planning: Ensure your assets are distributed as intended and your family is protected. We help with wills, trusts, and beneficiary reviews.

• Tax Optimization: We use tax-efficient strategies—like TFSAs, RRSPs, and income splitting—to reduce your tax burden and keep more of your money working for you.

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Start with a Personalized Retirement Plan

Whether you’re approaching retirement or just getting started, it’s never too early, or too late, to ask, “Do I have enough?” At Matco Financial, we help you find the answer—and if the answer is “not yet,” we help you make a plan to get there.