Most Canadians envision retiring at 65, the recognized standard retirement age. This is also the baseline for receiving the Canada Pension Plan (CPP) benefit without deduction and for starting to collect Old Age Security (OAS). These two federal benefits combined will replace the average working income partially, up to 40% at best.
Retirement planners say personal savings should fill the income gap. They add that future retirees would need about 60% to 70% of their pre-retirement income to maintain their standard of living.
Actual savings data, particularly for Canadians nearing 60, show that nest eggs are still a work in progress. Statistics Canada and the Canada Revenue Agency (CRA) track their ssavings patternsthrough the Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA).
The median RRSP balance for the 55-to-64 age group is $100,000. For TFSAs, the average balance among account holders aged 50 to 59 is between $35,000 and $43,000. Are there actionable steps to boost personal savings if retirement is on the horizon or just 5 to 10 years away?
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Funding sources
Having $1 million or more in retirement savings is ideal, although less than 10% of near-retirees have saved that much based on published data. Trading Economics reports that the household savings rate dropped 3.5% in Q1 2026 from 3.7% in Q4 2025. Higher living costs are forcing many Canadians to scale back RRSP and TFSA contributions.
According to Kevin Fahey, Chief Investment Officer and acting CEO of CAAT Pension Plan, many Canadians still feel uncertain about retirement. The most recent CAAT survey reveals that while non-retirees expect personal savings to fund retirement, current retirees actually rely more on defined benefit pensions and government programs.
Valuable assets
Strategic saving and investing can fortify a retirement nest egg. For Canadians approaching 60, unused RRSP and TFSA contribution room is a valuable asset for long-term retirement security. You can harness the power of compounding in both accounts to accelerate wealth creation in the final push toward retirement.
Blue-chip investment
Near-retirees must choose assets that offer stability and growth. A standout choice past, present, and future is Enbridge (TSX:ENB). This large-cap stock is an eligible investment and a suitable core holding for an RRSP or TFSA.
The $156.6 billion energy infrastructure giant is a proven dividend grower and reliable passive income provider. ENB boasts 31 consecutive years of dividend increases. At $71.85 per share, the yield is 5.4%. A $37,002.75 position (515 shares) will generate $500 every quarter.
Its President and CEO, Greg Ebel, said Enbridge remains committed to advancing essential infrastructure across North America. With a $41 billion secured capital backlog and up to $11 billion of annual growth investment capacity, expect a compounding income stream inside your RRSP and TFSA for years to come.
Actionable Step
Because Canadians in their late 50s are typically in their peak earning years, maximizing available RRSP and TFSA contribution room is an actionable step to boost their retirement funds. It also increases the chances of achieving a full lifestyle replacement in the sunset years.
