At what age should I start planning for my retirement?

It is recommended to start as early as possible, ideally in your twenties or thirties, to benefit from the effect of compound interest.

How much should I save each month for my retirement?

This depends on your retirement income goals and your other sources of income. Use online calculators to estimate the necessary amount.

Can I contribute to both an RRSP and a TFSA?

Yes, you can contribute to both, but the contribution limits are separate. The RRSP offers tax deductions, while the TFSA offers tax-free growth.

What if I don't have access to an employer-sponsored pension plan?

In addition to Old Age Security (OAS) and Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) pensions, you can open an RRSP or TFSA to invest on your own initiative.

How do I know if I'm on track to meet my retirement goals?

Regularly re-evaluate your retirement plan, adjust your contributions, and consult a financial advisor to ensure you are on the right track.

Vincent Morin

Vincent reached financial independence and retired early (FIRE) at the age of 35. After a career in financial technologies for a large American investment bank, he founded Retraite101, a personal finance site that reaches more than 350,000 unique visitors per year and has more than 40,000 followers on social media. Passionate about personal finance, cycling, reading and gardening, he continues to write to inspire and motivate Quebecers to take charge of their finances.

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