So you started saving for retirement in your 40s

Yes, I used the r-word but let’s be clear, when I mean retirement, I mean a variety of things, including the possibility that we may never retire, whether it’s because we don’t want to or we can’t.

But it’s still important to have some savings that you can access if you aren’t able to work that can be pooled with your Canada Pension Plan, Social Security and Old Age Security payments.

What can you do if you started off ‘late?’ Can you catch up? I kind of, sort of, saved a little in my 20s and early 30s but only got serious in my late 30s. I regret that now because that extra 10-15 years would have made some difference. Maybe not a huge amount but I’d have more than I did at the time.

Plus, when you’re single, whether it’s by choice, divorce or widowed, a lot of us will have to rely on one income to save for retirement. Canadian women especially as we get older. We drop out of work for a variety of reasons so we need to save a bit more than the standard 10-15% per paycheque but how much? I think about this constantly because I’m genuinely concerned I won’t have enough money to retire.