The Average RRSP Balance Isn't Enough: Here's How to Boost it [Yahoo! Finance Canada]
Manulife Financial Corporation (MFC)
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Source: Yahoo! Finance Canada
As of 2024, the average Registered Retirement Savings Plan (RRSP) balance for Canadians is around $105,000. While that may sound like a substantial amount, many people may find it inadequate when considering the rising costs of living and the financial needs of retirement. As individuals prepare for retirement, it's essential to assess whether their savings will truly support the lifestyle they envision. But how can you boost it higher? Not enough Unfortunately, that average RRSP balance might not be enough for most Canadians. Financial experts suggest that retirees will need approximately 70-80% of their pre-retirement income to maintain their standard of living in retirement. For someone earning $70,000 annually, that means they should aim for a retirement income of $49,000 to $56,000 per year . Given the average RRSP balance of $105,000, which translates to an estimated annual withdrawal of only about $4,200 (assuming a 4% withdrawal rate), it becomes clear that most Canadians
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