Canadians face in closing the retirement savings gap

Maximize RRSP Contributions: Utilize unused contribution room in Registered Retirement Savings Plans, especially for those in higher tax brackets, to benefit from tax deductions and compound growth.

Leverage TFSAs: Use Tax-Free Savings Accounts for additional tax-free growth, particularly for investments like ETFs or dividend stocks, to supplement retirement income.

Delay CPP and OAS: Postpone receiving Canada Pension Plan and Old Age Security benefits to increase monthly payouts, potentially by up to 36% for CPP if delayed to age 70.

Downsize or Relocate: Consider selling a larger home to move to a smaller, less expensive property or a lower-cost area, freeing up capital for investments or debt reduction.

Work Longer or Part-Time: Extend full-time work or transition to part-time roles to continue earning income, reduce savings withdrawals, and allow investments more time to grow.