The Surprising Real Story On Funding Your Retirement

If you do this exercise, you’ll have a much better idea of how much you really need for retirement.

A retired couple watches a rugby match together. Most Canadians will not save for a particular target amount for retirement and then live the lifestyle that sum will afford them. More realistically, they will save as much as they can, while fixing the roof, buying a new car, and paying for children’s post-secondary education. Mark Kolbe/Getty Images

It’s RRSP season again. And every bank, mutual fund, and investment company is urging you to contribute. “Save for your retirement!” is the rallying cry.

That’s so commonsense, it hardly needs explanation. But how much do you really need to save for your retirement? Sadly, most of us have no clue.