How is it that one day, you’re working along steadily, and then it seems like retirement is knocking at your door? It happens slowly and steadily, and then all at once. And yet there it is, looming over you like a dark cloud with a rainbow peaking out of it.
That dark cloud can seem ominous if you don’t have the strategies set in place to get yourself to financial freedom in retirement. And that rainbow? It’s looking quite small. Yet there are some ways to get yourself to that place. So let’s look at some options.
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Daily hacks
Yes, there are a few hacks that retirees or those close to retirement can do to make sure they reach financial freedom, so let’s look at a few of those. First, investors will want to consider automating savings by contributing each month to their Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). That way, you don’t have to ever see the money before it’s invested, and it can just build in the background.
From there, every time you get a raise, consider committing half of it to savings. You can still enjoy more take-home pay, but also boost your future income. Beyond that, try and max out wherever you can with TFSA and RRSP contributions to bring down taxes and have more tax-free withdrawals later.
There are other ways beyond investing. For instance, downsizing is a great way to save money, as well as increase your savings right away. You might also delay the Canada Pension Plan (CPP) and Old Age Security (OAS) to 70 to max out your payments. Then, dig deep. Track any fees and accounts costing you money and cancel those services you no longer use, then run a “retirement test run” to see how you could live for six months if retirement happened tomorrow.
Then, invest
During all this, where should you be keeping your investments? A great option is a stock like Enbridge (TSX: ENB). This pipeline company recently reported second-quarter earnings for 2025, showing why it’s still one of the best options out there. The stock reported earnings of $2.2 billion, up from $1.8 billion the year before. Furthermore, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 7% to $4.6 billion, showing consistent performance.
Yet more is on the way. Enbridge expanded its capacity to meet growing industrial and power demands. It now has a project backlog of $32 billion, positioning it for more future growth. The dividend stock also reaffirmed financial guidance for 2025, with adjusted EBITDA between $19.4 and $20 billion, and distributable cash flow (DCF) between $5.50 and $5.90.
Meanwhile, investors can get in on a dividend yield of 5.6% at writing, providing predictable retirement income. And that’s income to be reinvested again and again while investors see their TFSA and RRSP continue to grow.
Bottom line
So while investing for the future can be overwhelming, don’t let it scare you. The biggest advantage from investing is compounding. Let that grow over and over again, and you can get closer to retirement than you thought possible. All it takes is starting right now.
