Many Canadians in their 50s worry that they haven’t saved enough for retirement. While starting early is ideal, it’s never too late to build a solid plan. With a focused approach, you can still retire comfortably.

1. Reassess Your Retirement Goals
Determine what kind of retirement lifestyle you want and how much income you’ll need. Be realistic about expenses, healthcare costs, and travel plans.

2. Maximize RRSP Contributions
Take full advantage of your Registered Retirement Savings Plan (RRSP). At this stage, your income may be at its peak, so contributing can also lower your taxable income.

3. Catch-Up with TFSA and RRSP Room
If you haven’t used all your RRSP or TFSA contribution room from previous years, now is the time to catch up. These tax-advantaged accounts are powerful tools for growth.

4. Delay CPP and OAS
Delaying your Canada Pension Plan (CPP) and Old Age Security (OAS) benefits past age 65 can significantly increase your monthly payments.

5. Consider Downsizing
Evaluate whether you can downsize your home or reduce living expenses. This can free up significant capital for your retirement savings.

6. Consult a Financial Planner
A professional can help you create a customized retirement plan based on your unique goals, assets, and income sources.

Retirement in your 50s isn’t about starting over—it’s about making smart, strategic moves that make the most of the time and resources you have left.