![\"man](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/04\/GettyImages-117149892-1200x817.jpg\")
<\/p>\nAge 45 is a tough period for many. I\u2019ve heard the mid-30s-to-mid-40s era of life called the \u201cmessy middle\u201d in the past, and I think that accurately depicts most Canadians\u2019 reality at this point. <\/p>\n
Indeed, between mortgages, kids, aging parents, and other key factors pulling at folks\u2019 purse strings from every direction, saving for retirement a couple decades out may not seem like the top priority for many in this age group. Makes sense.<\/p>\n
That said, the power of compound interest can\u2019t be ignored. Let\u2019s dive into what the average Canadian has saved in their tax-free savings accounts (TFSAs) and registered retirement savings accounts (RRSPs) at this point in time. <\/p>\n
<\/p>\n
Source: Getty Images<\/p>\n
What are the numbers?<\/p>\n
According to Statistics Canada data, the average Canadian at age 45 has $20,670 saved in a TFSA and approximately $82,100 in an RRSP. That\u2019s not nothing, but it is a reminder that plenty of Canadians are playing catch up to save an amount close to what most personal finance experts believe should be the actual number. <\/p>\n
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* Returns as of April 20th, 2026<\/p>\n
It\u2019s also worth pointing out that because we\u2019re talking about the average with both the TFSA and RRSP, it\u2019s also true that this number is pulled higher by wealthier savers. In other words, the median number is much lower for both buckets, and tells an even more depressing story. <\/p>\n
A range of personal finance experts, from the likes of Fidelity and MoneySense have highlighted a basic framework of having around two-times one\u2019s salary saved at age 40, and around four-times one\u2019s salary saved at age 50. Splitting the difference, a rough metric of around three-times the average salary in Canada (which currently sits at around $68,700 according to Statistics Canada) would mean that the average Canadian at age 45 should have a little more than $200,000 saved for retirement at this juncture. <\/p>\n
How to catch up?<\/p>\n
I think one of the more pertinent questions readers may have when seeing the raw data is that there\u2019s a lot of work to be done for the average household to bring their retirement savings up to where it needs to be. <\/p>\n
Of course, automatic contributions and increasing savings rates as one\u2019s salary increases over time are perhaps the two easiest strategies to get one\u2019s retirement savings goals on the right track. Additionally, using one\u2019s tax refunds as direct contributions to their retirement savings for the current year is another strategy I\u2019ve long thought is a somewhat \u201cpainless\u201d way to go to bridge the retirement savings gap over the long-term (while not impacting one\u2019s day to day budget). <\/p>\n
Cutting discretionary spending and attacking debt can be more painful, but also more fruitful, for those bogged down by their own personal financial situation. As it\u2019s often said, personal finance is very personal, so every Canadian\u2019s situation is different. That said, taking advantage of any employer matching benefits (and at least capturing the full match percentage) is an obvious step in the right direction in allowing for compound growth to start working today.<\/p>\n","protected":false},"excerpt":{"rendered":"Age 45 is a tough period for many. I\u2019ve heard the mid-30s-to-mid-40s era of life called the \u201cmessy…\n","protected":false},"author":2,"featured_media":370433,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":["post-445227","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-new-zealand","tag-newzealand","tag-nz","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/445227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=445227"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/445227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/370433"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=445227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=445227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=445227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}