Are you saving enough for retirement?

[Brupal]

I’d say to be conservative you should not include any inheritance in your planning, but have some ideas for it should it come along. For example pay off any credit card debt, maybe a mortgage, or catch up on unused TFSA room or take a long deferred family trip.

You could also have a financial planner run some scenarios, both without and then with various reasonable estimates of the inheritance. And stick to the recommendations if it materializes, rather than blowing it.

[chemgear]

Man, if people are planning to make credit card payments from an inheritance . . .

Boomers better be watching their backs. Their kids could be out to give them the old shovel to the back of the head.

[Brupal]

The average Canadian credit card debt for Q3 2025 is $22,321, with the average debt per customer at $4,652. Debt levels vary significantly by age, with the 46-55 age group having the highest average debt at $34,987 and the 18-25 age group at $8,635.
Overall Average (Q3 2025): The average credit card balance per Canadian is reported as $4,652. Another source gives a figure of $22,321 for the average debt across all Canadians in Q3 2025.
Average by Age Group (Q3 2025):
18-25: $8,635
26-35: $17,603
36-45: $27,263
46-55: $34,987
56-65: $29,772
65+: $15,121

Looks like a LOT of people could use that first $30k to slap down on the good old Visa

[V]

What does that mean, average credit card debt is $22,321, the average debt per customer is $4,652? Are those not the same things? Or do you mean that if you exclude all of the people that have no debt, the average debt per customer is $22,321?

Also, I find it incredibly hard to believe that the average 46-55 debt holder has 35k in credit card debt. That would be absolutely soul crushing.

[bizaro86]

Originally Posted by Brupal

The average Canadian credit card debt for Q3 2025 is $22,321, with the average debt per customer at $4,652. Debt levels vary significantly by age, with the 46-55 age group having the highest average debt at $34,987 and the 18-25 age group at $8,635.
Overall Average (Q3 2025): The average credit card balance per Canadian is reported as $4,652. Another source gives a figure of $22,321 for the average debt across all Canadians in Q3 2025.
Average by Age Group (Q3 2025):
18-25: $8,635
26-35: $17,603
36-45: $27,263
46-55: $34,987
56-65: $29,772
65+: $15,121

Looks like a LOT of people could use that first $30k to slap down on the good old Visa

I wonder if that's a measurement of how much credit gets used though?

Because my average balance on my credit card statement is thousands of dollars, since I put all my expenses on it. But I pay it off every month, so never pay interest.

[V]

Originally Posted by Slava

I don’t deny that every industry has some bad actors who do nefarious things. There are a lot of layers of oversight and investor protection for that very reason, and there should be recourse to make sure that no one is left out in the cold (non-licensed and non-registered “advisors” is a whole different story).

Regardless, I’m not entirely clear on that issue as an influence for investment strategy and how people should structure portfolios.

I know Fuzz is only talking about bad actors, but I also had just a very reputable, but incompetent investment firm lose all of my money in 2008 with their active management. So you don't have to only worry about con artists, you also have to hope you roll the dice with someone competent too. I'll never give my money to an active manager again, I don't care how some on here feel like their profession is beyond reproach.

[Slava]

Originally Posted by V

I know Fuzz is only talking about bad actors, but I also had just a very reputable, but incompetent investment firm lose all of my money in 2008 with their active management. So you don't have to only worry about con artists, you also have to hope you roll the dice with someone competent too. I'll never give my money to an active manager again, I don't care how some on here feel like their profession is beyond reproach.

First of all, I’ve never suggested that the industry I work in is beyond reproach. I don’t know where you got that from, but that’s definitely not my thought in the least!

I will say that I’m mortified that someone lost all of your money in 2008. That’s unbelievable, and I’ve never seen that happen.

[Locke]

Originally Posted by Slava

First of all, I’ve never suggested that the industry I work in is beyond reproach. I don’t know where you got that from, but that’s definitely not my thought in the least!

I will say that I’m mortified that someone lost all of your money in 2008. That’s unbelievable, and I’ve never seen that happen.

Can confirm.

Its an industry that has seen a lot of reform over the past few years. There are the old-timers who might be out of touch and there are a lot of people who entered the industry thinking 'hey, anyone can do this!'

And some of those people are still around.

[PaperBagger'14]

Originally Posted by bizaro86

I wonder if that's a measurement of how much credit gets used though?

Because my average balance on my credit card statement is thousands of dollars, since I put all my expenses on it. But I pay it off every month, so never pay interest.

The $4652 figure, while high, isn’t wildly unreasonable for a monthly balance that gets paid off every month. The other values of average debt by age would be an outrageous amount of credit card debt to carry.

[RichieRich]

Originally Posted by puckedoff

Link didn't work for me so it may be covered there, but just to clarify the 4% rule is typically:
Take 4% of your initial portfolio, then adjust that amount for inflation and that's what you withdraw/spend each year. So if you are pulling $40K from your $1 million nest egg, and markets go up 20% your next year pull is still $40K+inflation, not 4% of new portfolio balance.

The link is suggesting the new number should be 4.7%.


Here's another link with more long winded writeups about retirement:
https://www.myownadvisor.ca/can-i-re...-in-our-rrsps/

[Derek Sutton]

Originally Posted by PaperBagger'14

The $4652 figure, while high, isn’t wildly unreasonable for a monthly balance that gets paid off every month. The other values of average debt by age would be an outrageous amount of credit card debt to carry.

Is that not per card though?? I read the post as $22231 per person with each card being $4652.

[PaperBagger'14]

Originally Posted by Derek Sutton

Is that not per card though?? I read the post as $22231 per person with each card being $4652.

Is that what customer means in this sense? Cause that’s wild the average person is carrying that debt and I have a hard time believing that (I’m not pointing the finger at you, just a general statement).


Brupal do you have a link for those stats? I’m interested in reading more

[Jason14h]

ChatGPT says:

— but recent data gives a good baseline for typical credit-card debt in Canada. Here’s a breakdown:
• For 2025, one widely cited figure for the average credit-card balance per Canadian is around CAD 4,499. 
• A Q4 2024 figure for average debt per cardholder (i.e. among those carrying balances) was quoted as CAD 4,681.
• At the household-level (all non-mortgage debt, including credit cards, lines of credit, etc.), average consumer debt is significantly higher — e.g. some reports show average non-mortgage debt per household near CAD 22,321.

[Geraldsh]

Considering an inheritance in retirement planning is like counting your chickens before they hatch. Are you sure you’re even mentioned in the will?

At the last minute my rich uncle decided his beautiful 19 year old caregiver needed his money more than I did! I must admit, he was right and I am doing ok in retirement.

[Sylvanfan]

I would look at having a pretty sizable amount set aside for medical expenses. My Mom who is not quite 80 seems to be spending a fair amount out of pocket on either medications, injections, or some other type of Medical expense every month. Up until she retired she was reasonably healthy. If you've generally been healthy and don't take regular medication I think those costs could really sneak up on you.

[CliffFletcher]

Originally Posted by Geraldsh

Considering an inheritance in retirement planning is like counting your chickens before they hatch. Are you sure you’re even mentioned in the will?

At the last minute my rich uncle decided his beautiful 19 year old caregiver needed his money more than I did! I must admit, he was right and I am doing ok in retirement.

Yes, some people don’t know if they’re in the will. Or are alienated from their parents and family. But intergenerational bonds have been getting stronger in recent decades, and more people are privy to the wishes and financial status of their parents. Most first-time homebuyers in Canada today get substantial help from parents - often to the tune of over $100k. Living wills and living inheritances are increasingly common. Adult children today often have to step in to care for aging parents, including doing taxes, taking over management of finances, and moving in as live-in carers. Much of that $1 trillion transfer is being deliberately managed.

Both sets or our parents sat down with us years ago and outlined their wills and finances, so there would be no surprises. Of course there’s a lot of uncertainty in how long people live, and how much of a nest egg may be consumed by health care and assisted living. But in families that are open about finances, there shouldn’t be surprises like undisclosed borrowing against the value of a home.

[Table 5]

Wrongdoing or incompetence, I don't trust anyone 100% (including myself) with my wealth... so personally, I have about half of our money with an advisor and manage the other half myself. I'm definitely no pro, but I find that so far we seem to balance each other out pretty well, and also helps keep me more aware of what's going on in the world.

According to my adviser, I am saving enough for retirement. My big concern is my kids and their generation...it's pretty obvious already their barriers to entry for a similar life will be quite a bit higher than ours (and especially our parent's generation). So I have a feeling there may be a bigger financial responsibility to help them out than perhaps we all realize. Inheritance is nice, but definitely not something I'm counting on...especially since from a need perspective, I actually think it would be more beneficial if it skipped us and when straight to the grandkids to help them out.

[undercoverbrother]

Originally Posted by Brupal

The average Canadian credit card debt for Q3 2025 is $22,321, with the average debt per customer at $4,652. Debt levels vary significantly by age, with the 46-55 age group having the highest average debt at $34,987 and the 18-25 age group at $8,635.
Overall Average (Q3 2025): The average credit card balance per Canadian is reported as $4,652. Another source gives a figure of $22,321 for the average debt across all Canadians in Q3 2025.
Average by Age Group (Q3 2025):
18-25: $8,635
26-35: $17,603
36-45: $27,263
46-55: $34,987
56-65: $29,772
65+: $15,121

Looks like a LOT of people could use that first $30k to slap down on the good old Visa

Every time I see things like this, I am floored.

I fathom not paying your credit card off at the end of every month.