Feb. 2: BEST OF THE BLOGOSPHERE

February 2, 2026

Are you on track for retirement savings – or do you need a “catch-up” strategy?

If you’re saving up to buy a new car, or to make a down payment, you have a clear idea of how much is enough to save.

It’s not so easy, however, reports Money Canada, when figuring out what your retirement savings target is. Are you on track, the publication asks, or do you need a catch-up strategy?

These days, the article begins, most Canadians believe the “magic number” for retirement savings is “$1.54 million, according to a 2025 Bank of Montreal survey.”

However, the article explains, “this number tells you nothing about how your personal finances compare to your peers and whether you’re likely to feel comfortable and confident in retirement.”

Instead, the article tells us, there are seven ways you can figure out if your savings efforts are on track.

Do you “have enough money to cover monthly needs,” the article asks. “While you can’t anticipate all your monthly expenses, you will need at least enough guaranteed retirement income — including pensions, personal savings, Old Age Security (OAS) and the Canada Pension Plan (CPP) — to pay for food, shelter and utilities,” Money Canada explains.

According to Statistics Canada, this amount – as of 2023 – was $6,541 per month for a senior couple over 65, the article adds. “So, if your guaranteed retirement income delivers over $6,500 a month at least, you’re outperforming most other retirees,” the article notes.

A second factor is whether or not you have “high interest debt,” Money Canada reports. A whopping 37 per cent of senior families, again according to Statistics Canada, “are carrying debt with them in retirement,” the article explains, and 29 per cent of those planning to retire this year still have a mortgage.

So debt, the article concludes, is an impediment for retirement savers and a burden for those who are retired.

If you have “multiple sources of income beyond CPP/OAS,” such as “dividends, income from rental properties, or pensions,” you will be in a much better financial position than those who do not, and must rely solely on government benefits, the article tells us.

Other ways to get ahead – living below your means, continuing to save and invest, having an estate plan, and having a clear retirement plan, the article advises.

“According to a 2025 survey from the Healthcare of Ontario Pension Plan, 49 per cent of Canadians were unable to set aside any money the previous year for retirement. If you’ve been actively saving and investing…  and started at a younger age, you may be doing better than many other Canadians,” the article points out.

The article concludes by saying addressing all these factors – from knowing what you expect to spend in retirement, to having a plan for retirement savings in the here and now – will help you get ahead in the savings race.

“It’s never too late to start making minor adjustments for a better retirement,” the article concludes.

A willing ally in any drive to have more retirement income than just government benefits is the Saskatchewan Pension Plan, a savings system that is open to any Canadian with registered retirement savings plan room.

Did you know that SPP offers a Wealth Calculator (Wealth Calculator | Saskatchewan Pension Plan) to help its members figure out how much their account will be worth by the time they reach key retirement milestones? It’s a handy resource and retirement planning tool.

Check out SPP today – the made-in-Saskatchewan retirement savings solution for all Canadians.

Join the Wealthcare Revolution – follow SPP on Facebook!

---

---