Here’s the Average RRSP Balance at Age 33 for Canadians

No matter your age, a Registered Retirement Savings Plan (RRSP) matters. Even for 33-year-olds. That’s because it quietly turns time into your biggest financial advantage. Every dollar you contribute now gets decades to grow tax-deferred, and those early years often become the most valuable ones. At 33, you’re likely earning more than you did in your twenties, which means RRSP contributions can create meaningful tax refunds you can reinvest, save, or use to pay down debt. Plus, building RRSP room early helps future you avoid scrambling in your 40s and 50s, when retirement suddenly feels closer, and expenses often rise. It’s basically giving your future self a massive head start while reducing your tax bill today. So, where do you fall?

The average

Many Canadians in their early 30s have remarkably modest RRSP balances. Data suggest that individuals under 35 often have only a few thousand dollars saved in RRSP-type accounts. One estimate shows about $9,900 in retirement savings among people under 35. The lack of savings reflects a combination of delayed investment, debt burdens, or prioritizing near-term expenses over long-term planning. Even among slightly older Canadians between 35 and 44, RRSP balances remain fairly moderate. One survey pegs the average around $49,000 for that age group.

That average, or rather, the typical balance is unlikely to be enough for a comfortable retirement by itself. Given rising living costs, longer retirement spans, and uncertainty around public pensions, most financial-planning guidelines suggest that Canadians need substantially more than what the “average” RRSP balance provides. What’s more, many of the “average” numbers are dragged up by a minority of high savers. This means a lot of Canadians are even further behind. The median savings and the mean often differ dramatically, meaning the “typical” person likely has much less than the published average.

If you’re 33 and haven’t built up much yet, now is actually a prime time to start because time is your greatest asset. The earlier you begin, the more compounding works in your favour. A practical way to get started includes setting up automatic RRSP contributions monthly or per paycheque, choosing low-cost diversified investments, and treating contributions like a recurring bill and not “extra cash.” Even modest, regular contributions combined with decades of growth can compound into a significant nest egg.

Consider XEQT

Adding to your RRSP is one thing, but it’s quite another to make it grow. That’s why investing is a strong choice. And among the easy options out there, iShares Core Equity ETF Portfolio (TSX:XEQT) is a strong option that gives investors instant global diversification in one simple holding. It holds thousands of stocks across Canada, the U.S., Europe, and emerging markets, all wrapped into a low-cost, automatically rebalanced portfolio.

Designed as a “set it and forget it” solution, XEQT removes the need for stock picking or market timing. Instead, it delivers broad exposure to long-term global growth. With no bonds inside, it’s built for investors seeking maximum equity returns over the long haul.

XEQT is an excellent ETF for 33-year-olds trying to get ahead on their RRSP because it leans into the biggest advantage younger investors have: time. At 33, you can afford to ride short-term volatility in exchange for higher long-term compounding. XEQT’s pure equity approach makes that growth potential front and centre. Its global diversification means you’re not overly exposed to any one economy, and its low fee ensures more of your money stays invested instead of being eaten by costs. Most importantly, holding XEQT inside an RRSP shelters decades of gains from taxes, letting compounding do the heavy lifting as retirement approaches.

Bottom line

The “average” savings for 33-year-olds in Canada shows many are behind where they ideally should be. That doesn’t mean it’s too late; it means it’s time to act. Even now, here’s what that $9,900 could bring in from XEQT through dividends alone.

Starting now with discipline, consistency, and a long-term mindset can make a huge difference between scrambling later and enjoying a financially stable retirement. That’s why even at 33, your RRSP can make a huge difference in retirement.