If You’re 50 and Behind on Retirement Savings, Waiting Is No Longer a Plan

Starting to invest $7,000 annually at age 50 can grow to about $176,000 by 65 with a 7% return, while starting at 55 yields only around $97,000. Delaying contributions reduces both the amount invested and potential growth significantly. The average Canada Pension Plan payment at 65 is $877 monthly, and combined with Old Age Security, totals about $1,629 before tax, which may be insufficient for retirement.