Planning for retirement means figuring out how to achieve your goals at your own pace. Still, for many women, saving for retirement raises questions—and sometimes even hesitation.
What if it could be simplified? We believe that every woman deserves a retirement tailored to her. Let's take a look at some essential points.
Realities unique to women
When it comes to retirement, certain realities facing women often go unnoticed despite their very real impact.
Let's start with life expectancy. On average, women live longer (link in French)—about 85 years compared to 81 years for men. This means women must plan their income over a longer period of time.
Plus, many women retire somewhat earlier (link in French), lengthening the period during which they must rely on savings.
Finally, maternity leave and other life events can affect retirement income. Why? Because some programs, such as the Québec Pension Plan (QPP), are directly linked to income earned over time. Lower contributions can translate to lower benefits.
This means that other sources of income play an important role in financing retirement:
- Pension plans offered by employers (if available)
- Personal savings
Starting to save later… Is it too late?
This is a question many people ask—and the reassuring answer is no, it's never too late.
That said, waiting does have an impact. The later you start, the more you'll need to save to reach the same goal.
For example, someone who starts today will have to save more than if they had started 10 years ago. The bottom line remains the same. Take action. You'll benefit much more from taking a small step today than continuing to wait.
4 practical tips for planning retirement on your own terms
01 Set realistic goals (and start small)
Some think that saving for retirement requires a lot of work right now. In reality, that's rarely true. Let's focus on taking one step at a time.
Starting with a small amount can promote the following:
- Habit formation
- More accessible saving strategy
- Reduced pressure
You can gradually adjust this amount over time. Plus, compound interest will continually grow your investment—with no additional effort.
Here's a simple tip: Set up automatic payroll deductions. "Paying yourself first" will soon become so routine that you may not even notice it.
02 Learn more about available savings options
You can't make the right choices if you don't know what tools are available to you. Consider the following options:
- RRSP
- TFSA
- Labour-sponsored funds, such as the Fonds de solidarité FTQ.
Some products offer attractive tax benefits that can boost long-term savings.
Take time to understand these options and discover more ways to achieve your goals.
03 Discussing money as a couple pays off
Many find finances a sensitive topic. Nevertheless, communication is essential—especially when it comes to a long-term project like retirement.
Planning as a couple helps align goals, distribute tasks more effectively, and encourage collaborative decision making.
Retirement is often something built together and, like any team effort, starts with a good discussion.
04 Get help in developing a solid plan
Every retirement is unique. Seeking guidance can be helpful.
An advisor can help with the following:
- Assessing your current situation
- Understanding the risks associated with various types of investments
- Choosing options that best suit your projects
- Developing a concrete plan to achieve your goals
A plan helps you move from intention to action with clear guidelines and, above all, increased certainty.
Your retirement, your numbers
Use My Game Plan, our financial planning tool, to get a complete picture of your financial situation and see if you're on track to reach your goal. It's simple, intuitive, and designed to guide you through any situation.
Accessible approach to retirement savings
Contrary to what you might think, saving for retirement doesn't have to be perfect. It simply requires getting started, staying consistent, and making adjustments over time.
Every action counts, and good decisions add up to help build a solid retirement plan that's right for you.
