Retirement-planning tools are making it easier to outline goals and track financial preparedness for life after work.GETTY IMAGES
While retirement can feel like a far-off dream, the reality is that having a plan is essential to being prepared. One of the first steps in retirement planning is simply imagining what you want life to look like once your regular income stops. Will you downsize, travel, take up a new hobby, catch more shows?
Turning those ideas into an actionable retirement plan is an important step many Canadians skip. According to an October 2025 CPP Investments survey, 55 per cent of non-retirees and 44 per cent of retirees said they do not have a retirement plan.
“One of the first steps I tell people is to create a written financial plan for your retirement,” says Paul Avvampato, an investment advisor with RBC Dominion Securities. “It doesn’t have to be complicated, but be honest about your expenses, whether you’re single or have a partner. Review your bank and credit card statements. Consider your current expenses, but also potential long-term care, home renovations or financially supporting children or grandchildren.”
Online tools can also help you understand and manage your wealth and create a plan, says Rubina Ahmed-Haq, a personal finance expert and multimedia business columnist. Depending on your comfort with technology and familiarity with your finances, there’s a range of digital resources – from simple free calculators to granular, paid planning platforms – that allow you to map out retirement goals safely and independently, she says.
“Although there may be some distrust around using digital tools to plan your personal finances, they are designed to be safe and user-friendly,” she notes. “You don’t have to transfer everything to one place. You can do your core banking with your bank app and then also use a retirement calculator or budgeting tool to help with a plan.” The key is finding the mix of tools that best help you set realistic retirement goals tailored to your life and needs. Here are seven tools to consider as you build your retirement plan.
Wealthsimple Retirement Calculator: This free Canadian retirement calculator has been around for several years now, and its brand recognition may play in its favour for those new to financial planning online. Input basic information like age, planned retirement age, salary and savings to get a snapshot of how much money you’ll need and how much you should be saving now to reach your goal. Government of Canada Retirement Calculator: This option goes deeper, asking for more detailed financial information to provide a fuller picture. It takes about 30 minutes to complete and offers an estimate the government recommends reviewing with a financial advisor. Ontario Securities Commission – Get Smarter With Money: The site contains a library of resources to help users understand investing, avoid fraud and plan ahead. Its retirement-ready quiz helps you determine the best time to step back from working life.Quicken: This familiar personal finance software includes retirement planning within its robust platform that lets users create budgets, generate cash-flow reports and track their investment portfolio. It offers two pricing tiers and plans, as well as a version for business owners. Business owners have slightly different needs, Mr. Avvampato notes, so it’s important to take that into consideration.Adviice: Several Canadian-made platforms have come onto the market in the past 18 months, including Adviice, a London, Ont.-based AI-powered financial planning platform for individuals and advisors. Clients can monitor their holdings with professional-level investment tools, use AI to model a range of projections and connect with a community forum for support. Fee-only financial advisors are available when needed. Optiml: The Halifax-based platform helps Canadians improve retirement outcomes by focusing on tax efficiency and optimizing government benefits. It delves into making the most of pension and old age security timing, as well as accumulation (growing retirement savings) versus decumulation (making the retirement savings work harder). Gilded: Based in Edmonton, this personal finance app is aimed at pre-retirees who want to better understand their possibilities. It emphasizes financial projections to reduce uncertainty and allows users to test detailed future scenarios. While these newer platforms feature modern, user-friendly interfaces, they do come with a steeper learning curve. They’re ideal for more experienced DIY investors, but all offer guidance at every step.
Using digital tools to build a retirement plan can also help reduce stress when the time comes to stop working. In the CPP Investments retirement survey, 52 per cent of non-retirees said having a financial plan gave them confidence they wouldn’t run out of money in retirement.
Still, digital tools are only one part of the equation. It’s important to ask questions that make you feel confident about your plan, and that often starts with talking to someone you trust, whether that’s a family member, teacher, friend or mentor.
About half of Canadians surveyed said a trusted person in their lives played a central role in helping them understand money and retirement planning. That kind of relationship is key, but if you don’t have someone close to you to turn to, you can always seek guidance from a financial advisor, says Ahmed-Haq.
“Look for someone close to your own age, who is in the same stage of life,” she says. “They can better understand where you’re coming from, which can be helpful in the end.”