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<\/p>\nAt 55, one Canadian household can look like a retirement millionaire while another has barely five figures. Statistics Canada found that households nearing retirement with both a home and workplace pension had a median net worth of $1.4 million. Renters without either had just $11,900.<\/p>\n
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Source: Getty Images<\/p>\n
Bridging the gap<\/p>\n
That enormous gap explains why comparing one investment account with your neighbour\u2019s can produce more anxiety than insight. Savings matter, yet pensions, housing, debt, family structure, and retirement plans can completely change what \u201cenough\u201d looks like.<\/p>\n
The latest Survey of Financial Security<\/a> nevertheless provides some useful landmarks. Here\u2019s what assets commonly looked like for Canadian families and individuals aged 55\u201364 who held them in 2023.<\/p>\n RETIREMENT MEASUREMEDIAN VALUERRSPs, RRIFs, LIRAs, and similar accounts$120,000TFSAs$39,100Employer-sponsored pension plans$335,500Total net worth$873,400<\/p>\n These figures aren\u2019t four numbers investors should simply add together. They\u2019re household-level medians among asset holders, while net worth includes real estate and subtracts debt. The survey also covers ages 55 through 64 rather than precisely 55, making the figures comparison points rather than financial report cards.<\/p>\n Tired of guessing which stocks to buy?<\/p>\n When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor Canada’s total average return is 98% – a market-crushing outperformance compared to 88% for the S&P\/TSX Composite Index.<\/p>\n They revealed what they believe are 10 stocks for investors to buy right now, available when you join Stock Advisor Canada.<\/p>\n * Returns as of July 30th, 2026<\/p>\n What should you have at 55?<\/p>\n The better question is how much annual income your assets must produce. Someone retiring at 55 needs to fund at least five years before Canada Pension Plan (CPP) payments can begin and a full decade before Old Age Security (OAS) normally arrives. Apparently, freedom doesn\u2019t begin accepting grocery coupons during the gap.<\/p>\n Start with expected retirement spending, then subtract workplace pensions and estimated government benefits. The remaining shortfall must come from investments, employment, property, or other income.<\/p>\n Account choice affects how far those savings stretch. Withdrawals from a Registered Retirement Savings Plan (RRSP)<\/a> become taxable income, while withdrawals inside a Tax-Free Savings Account (TFSA)<\/a> generally won\u2019t increase taxable income or reduce federal income-tested benefits. Many Canadians can use the TFSA for flexibility while allowing RRSP savings to remain invested longer.<\/p>\n Age 55 also leaves meaningful time to compound. A $120,000 portfolio receiving $1,000 monthly could grow to approximately $414,000 by 65 at an average 7% annual return. Returns won\u2019t arrive that neatly, but another decade of contributions can give a supposedly late retirement plan a rather dramatic second act.<\/p>\n Consider RBC<\/p>\n