Affectionate senior couple enjoying cozy moment on a couch.
Legendary actress Bette Davis famously said, “Getting old ain’t for sissies.”
And neither is saving enough money for a fulfilling retirement. It takes determination, willpower and a well-considered plan.
But it can be done, and there’s a pattern of behaviour among the ones who do it successfully.
The generation currently in the process of doing it — the baby boomers, whose youngest members are in their early 60s — have some wisdom to impart.
Here are five savvy moves that made many boomers wealthy by retirement age.
An improvement in your finances, such as a raise at work or an inheritance, shouldn’t be an excuse to go out and spend.
The strategizing boomer knows that any boost to income should go to savings and investments. In other words, they live below their means.
However, it’s all too common for a lot of people to spend what they earn — a losing proposition when it comes to saving for retirement. Instead of indiscriminate spending, follow the advice that finance writer Elizabeth Aldrich’s father gave her: create a retirement budget and stick to it.
You can track your spending and create a budget — all in one place — with Monarch Money. Once you link your bank accounts and investment portfolios, you can see all your transactions in one list, helping you stay on top of your spending.
You can also create custom goals for your retirement, personalized categories, and track your progress at all times on the all-in-one money management platform.
Monarch also offers a seven-day free trial to see if it’s right for you. If you like the platform, you can then [get 50% off for your first year with the code MONARCHVIP.
Experts like Dave Ramsey say you should invest 10% to 15% of your income annually. The median after-tax income of Canadian households was $74,200 in 2023, according to data from Statistics Canada. That means socking away between $7,420 and $11,130 per year, if you can manage it.
If you invest 15% of this income, or roughly $927 every month, for 30 years, you could retire with nearly $2 million in the bank, assuming a 10% annual return. From here, you may want to diversify your investments across multiple asset classes — such as stocks, bonds, and ETFs — to help you hedge against any ongoing market uncertainty.
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Opening a discount brokerage account with CIBC Investor’s Edge can help you diversify your portfolio without having to pay exorbitant commissions on trades.
Active traders making over 150 trades a quarter can enjoy a discounted commission rate of $4.95 per trade.
CIBC doesn’t charge any account or maintenance fees if the combined market balance of all accounts is greater than $10,000. Plus, you can receive real-time news and stock alerts, helping you keep track of market shifts.
The best part? If you open your CIBC Investor’s Edge account before Sept. 30, you can get up to 100 free equity trades on each eligible account.
Read more: Here’s how to retire in 10 short years no matter where you live in Canada — even if you’re starting with $0 savings
Out of sight, out of mind is the smart payday rule for the boomer who has managed to retire with confidence. That means earnings are automatically transferred to savings and investment accounts as soon as the wages are deposited.
If you set up a monthly recurring deposit of $2,000, you can earn up to 3.50% APY on each dollar you save with EQ Bank’s Personal Account— roughly seven times the average interest rate offered by big-name banks.
But you can still enjoy the benefits of a chequing account, as EQ Bank charges no account fees or minimum balance requirement, free ATM withdrawals, and no foreign exchange fees on overseas transactions.
Plus, your deposits of up to $100,000 can be insured by the CDIC.
Canadians are struggling to stay on top of their credit card bills, as total consumer debt amounted to $2.58 trillion as of June 2025. About 1.4 million Canadians missed a credit card payment in the second quarter of 2025, according to Equifax.
If you’re struggling with high credit card debt or have outstanding payments on multiple cards, you could consider rolling them into one by taking out a personal loan with Loans Canada.
Personal loans typically have a lower interest rate than credit cards, allowing you to potentially save on interest payments. Plus, with a personal loan, you’ll have only one manageable payment to keep track of.
The best part? You don’t need to have a minimum credit score or annual income to shop around for competitive personal and debt consolidation loans and receive personalized offers.
You can also set up a free consultation with a Loans Canada debt relief expert to receive guidance on whether a personal loan is right for you.
But if you have good spending habits and pay your bills on time, using a credit card can still be beneficial.
For instance, if you are a high earner who travels frequently, the RBC British Airways Visa Infinite card can help you earn up to $1,176 in the first year. You can get 10% off British Airways flights when you book and pay with your RBC credit card, as well as an annual companion voucher if you spend at least $30,000 annually.
If you’re looking for the best rewards card, check out this credit card comparison tool that looks at more than 140 credit cards in just 5 seconds.
No one ever feels ready to start thinking about life insurance. But the truth is, the younger you are when you purchase a policy, the lower your premiums will be.
Life insurance can be used to replace lost income, cover outstanding debts, finance children’s education and pay for funeral costs. When you purchase life insurance, you are giving your family the gift of financial protection — ensuring that they will be taken care of if the worst happens.
You can get a term life insurance policy with PolicyMe and get life insurance coverage of up to $5 million.
With premiums starting at just $21/day, you can secure your family’s financial future within minutes.
Just answer four questions, and PolicyMe will provide you with an instant, no-obligation quote which is valid for up to 90 days. Most policies are approved without any medical tests, and you can opt for term lengths ranging from 10 to 30 years.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.