If you feel like you’re behind on retirement savings, take heart — you’re far from alone, and there’s still time to turn things around. For the seventh consecutive year, the Healthcare of Ontario Pension Plan (HOOPP) conducted its Canadian Retirement Survey, exploring how Canadians are preparing for retirement and how current economic pressures are shaping their confidence about the future.

The reality check: Canadians are feeling the pressure

The results were sobering. In HOOPP’s June report, 59% of unretired Canadians said they fear they’ll never be able to retire because of their financial situation. Nearly half — 49% — hadn’t set aside a single dollar for retirement in the past year, and 39% had never saved for retirement at all.

Inflation is weighing heavily on people’s minds. A striking 77% worry about rising prices eroding their ability to afford daily essentials, while 60% say they have no disposable income left after paying bills. The top concerns among unretired Canadians include the cost of living and the changing situation surrounding Canada-U.S. relations.

These numbers might sound grim, but they don’t tell the full story. The truth is, even small, consistent actions today can create surprising wealth over time — and it’s never too late to start.

Small steps, big results

Think you can’t afford to save? Even $50 a month can make a difference. If you were to invest that amount every month for 25 years and earn an average annual return of 10%, you’d end up with around $59,000 — just from small, steady contributions.

When your financial situation improves, scaling up your savings can accelerate your progress dramatically. Investing $500 a month under the same conditions would grow to roughly $590,000 over 25 years. 

Double that to $1,000 a month, and you’re looking at over $1.18 million — proof that consistency and time are your greatest allies.

A simple strategy: Invest for income and growth

For cash-strapped Canadians, one of the most practical ways to build retirement wealth is by investing in dividend-paying stocks. Dividends offer a reliable income stream that can be reinvested, compounding your returns over time.

Take Pembina Pipeline (TSX:PPL), for example — a stalwart of the Canadian energy sector. Pembina provides essential energy infrastructure services through long-term, fee-based contracts that generate steady cash flows, even when energy prices fluctuate. The company moves, processes, and stores natural gas, liquids, and oil in North America.

At $52.52 per share at writing, Pembina offers an attractive 5.4% dividend yield, backed by two decades of dividend growth averaging nearly 5% annually. This year marks its fourth consecutive year of dividend increases, and analysts currently see roughly 12% near-term upside from today’s price.

Investor takeaway

Yes, the challenges are real — but so are the opportunities. Whether you can spare $50 or $500 a month, the key is to start now and stay consistent. With disciplined investing, reinvested dividends, and time on your side, retirement security is still within reach.

It’s not too late to catch up — but the sooner you begin, the better your future self will thank you.