OpenTube

Do Canadians Really Need $1.7 Million to Retire?

Make That Change

14,094 views

🍁 Our Canada-inspired merch → https://shop.makethatchange.ca
💼 Find your professional superpower→ https://theboost.ca/superpower-finder
📰 Weekly Newsletter → https://www.makethatchange.ca/newsletter
⸻
Canadians believe they need $1.7 million to retire comfortably, but how much money do you actually need to retire in Canada? In this video, we break down Canada’s pension system in 2026, including Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS), to reveal how much retirement income Canadians can realistically expect. We compare retiring at 60, 65, and 70, explain how to maximize your CPP benefits, and uncover costly retirement mistakes that could reduce your pension payments. You’ll also learn how RRSPs, TFSAs, workplace pensions, and investments can help you build retirement savings and generate passive income. We examine how inflation, housing costs, and government benefit clawbacks affect your retirement plans — and why the $1.7 million savings target may be misleading. Whether you’re planning for early retirement, approaching retirement age, or just starting to save, this guide will help you understand how much you really need for a comfortable retirement in Canada.
⸻

🍿 Watch Next:
💼 How to start investing in Canada (full guide) → How to Start Investing in Canada for Begin...
🏦 How to invest with TFSA and RRSP → How to Start Saving With TFSA and RRSP (an...
💰 Personal Finance in Canada Playlist → How to File Taxes in Canada for FREE | Wea...

⸻

🛒 Our Recommendations
🧣 Stay Warm in Winter → https://amzn.to/47PxJnu
🎬 Our YouTube Studio Gear → https://amzn.to/3Y7q7cv
🐈 Pet Owner Essentials → https://amzn.to/4gQH16M

⸻

📸 Instagram
👩🏻 Anastasia → Instagram: artemova._
👩🏼 Anna → Instagram: anna_antropova

🌍 Website → https://www.makethatchange.ca

⸻

💬 Disclaimer
Some links above are affiliate or promotional links. We may earn a small commission at no extra cost to you, which helps us keep producing free content. Thank you for your support!

#canada #money #retirement

20 Comments

@clashmcbobmcmillan3035 14 hours ago

You can have child care years added to your CPP calculation. I believe it has to be done at the time you apply to start taking it. Anyone who had years being a full time child caregiver should be aware of this. Thanks for a great video!

@benjamindorge5936 16 hours ago

Your videos keep getting better. Nice job!

@Proud_Canadian_EH 14 hours ago

Me and wife are in a good position. I am 54 and she is 50. Our house is paid off and we just hit 1 million in stockmarket. Going to reduce hours at 58 and have the option to quit at 60.

@sandrad5676 10 hours ago

What an informative video! I’ll be using this data to work out my ‘perceived’ needs. Thanks so much for all your work!

@alainsavard3680 17 hours ago

I retired at 61 and never looked back.

@jerel_stackup 14 hours ago

I feel the same way here in USA

@ParroParro-w5j 17 hours ago

Your research didn't include the provincial senior supplement which varies a bit by province but is for example close to 100 with slight variations depending on which province you live in.

@KelvinBernasconni 17 hours ago

I think I could retire on 1 million, give it to me and I will prove it.

@danielschegh9695 12 hours ago

Thanks. One of the big issues I run into when looking at online discussions is the oversimplification into single numbers as to how much is needed. You get into some of these areas, but it's far more complicated than many discussions seem to thing and to me needs software (like Conquest), or at least a well-built spreadsheet, to model for everybody.

I'd like to see more videos on how to build those models and less on specific numbers.

For example, when talking about a total amount needed:
- One person or for a couple?
- Taxable or not (TFSA vs RRSP)?
- In addition to the house or assuming we sell and downsize or rent?
- In some cases, what about uncertainties like shares and share options in your employer private company that could be worth a lot or little, and needs some financial exit event to turn into cash. How do you model that? (Worse case worth $0, best case could be more than a million?)

Great topic though.

@cdnJacky 13 hours ago (edited)

For someone who plans to retire in 35 or 40 years, just maybe, and who knows if the OAS eligibility age will increase to say 67 or 68 (there had been an attempt during Harper years only for Trudeau to reverse it) and assuming they will be kept up with inflation till then

@Corbots80 10 hours ago

With women from this generation actually having to work. They will not be having longer life spans anymore

@elwyndude 10 hours ago

I keep running my numbers through AI and itr always works out better to take cpp and oas early so that the amount i take from savings is less and the rrsp meltdown will last longer.

@AkshayRajpurohitt 17 hours ago

🙌🔥

@T0MapleLaughs 16 hours ago

Rapid rent increases and evictions present the biggest risk among retirees without a decent financial cushion. Property tax increases are also significant in recent years.
Rapid Inflation in general has disrupted many retirement plans that only operated sufficiently on pre-inflation accounting. Coming out of retirement for awhile, cutting significant costs and lifestyle expectations, or relying more on the family are common solutions.
Hedges include personal savings, investments including a mortgage-free home, and inheritance. Getting a mortgage-free home is getting trickier and trickier, and this is where having rental income is also a hedge. So that takes the conversation back to the beginning of this paragraph.

@exrayz1 2 hours ago

Great video very informative thanks. You mentioned GIS for those with lower income such as a self employed person , but then you mentioned investment in TFSA does TFSA ‘income’ qualify as any other income and thereby could reduce or eliminate the GIS

@alainmilette6460 13 hours ago

Sadly I don't think much of that will still exist by the time I get to retirement age

@Max-zy2ie 9 hours ago

Wait, so someone who has never worked would receive $482,462? WTF

@pectusin 6 hours ago

Per person or per couple?

@peterbennett4620 11 hours ago

Bullion, safe

@benhaze1010 11 hours ago

Make sure to watch past 14:00; the informative part of this video really starts from there. Not the best video from this channel; I like this channel so much I have higher expectations based on its past performance; this piece is not their best one as there is a lack of focus in the approach.