At what age should Canadians start retirement planning?

• Time in the market and contribution consistency matter more than precise timing.
• Protection planning belongs in the early stages, when coverage is least expensive and health is usually best.
• The decade before retirement is when tax sequencing decisions have the greatest impact.
• Starting later is not futile; it changes the levers available, not the value of planning.
• Reviewing annually keeps the plan aligned with changing income and rules.

Build an emergency reserve, manage high-interest debt, start automatic contributions to a TFSA or RRSP, and secure income protection and life coverage while healthy. Small amounts invested consistently have the longest runway.

Peak earning years typically mean higher marginal rates, making RRSP contributions and tax planning more valuable. Review coverage against a mortgage, children's education and business obligations, and begin estimating a retirement income target.

Model income sources, decide on CPP and OAS timing, plan withdrawal order, review investment risk, and update the will, powers of attorney and beneficiary designations.

• Projections rest on assumptions about returns, inflation and longevity that cannot be guaranteed.
• Life events can reset priorities at any stage.
• Educational planning is not a substitute for personalized advice from a licensed professional.

• Insurance and financial basics for consumers — Financial Consumer Agency of Canada
• Savings and pension plans — RRSP, TFSA, RRIF, RESP — Government of Canada
• Canada Pension Plan and Old Age Security — Government of Canada