You may have heard it before, to retire comfortably, you’ll need a million dollars or more. But that number, while often cited, is just a benchmark. For many women, it’s not the right target. In fact, focusing too much on one figure can distract from what really matters: building a plan that reflects your life.
According to BMO’s 15th annual Retirement Survey, Canadians now estimate they’ll need $1.54 million to retire. At the same time, 76% say they’re concerned they won’t have enough, largely due to rising costs and economic uncertainty.
That tension between perception and preparedness is understandable, especially for women, whose financial journeys often involve career breaks, caregiving responsibilities, and longer life expectancies. A one-size-fits-all approach simply doesn’t work.
Why “Enough” Means Different Things to Different People
A dollar figure alone can’t account for the realities of your day-to-day life. Your retirement plan should reflect where you live, your health, your values, and how you want to spend your time—whether that means travelling, supporting loved ones, continuing to work, or giving back to causes you care about.
In high-cost cities like Toronto, Calgary, or Vancouver, rising prices can significantly impact what financial independence looks like. For single-income households or those supporting others, the pressure is even greater.
For many women, the idea of financial well-being is less about reaching a specific milestone and more about reducing day-to-day financial stress. According to FP Canada, 71% of women define financial well-being as “not having to worry about money day to day.” That’s a powerful reminder: independence isn’t just about future wealth; it’s about stability today.
Unique Journeys Require Unique Plans
Women are also more likely than men to take career breaks, work part-time, or step into caregiving roles at some point in their lives. These decisions are often made with care and purpose, but they can have lasting effects on earning potential, pension contributions, and investment growth.
Many women also miss out on equity or investment programs, not because of a lack of interest, but due to limited access, guidance, or confidence early in their careers. Over time, these missed opportunities can create a meaningful gap in wealth accumulation.
That’s why creating a solid financial foundation means looking beyond income or savings. Diversified investments, smart income strategies, and long-term planning can help build greater flexibility and resilience.
Different Households, Different Strategies
Whether you’re managing your finances on your own or with a partner, your strategy should reflect your household reality.
- Solo earners may want to focus on risk management, including emergency savings, insurance, and flexible investment plans to buffer against job loss or health changes.
- Dual-income households often benefit from coordinated strategies. This includes combining assets, aligning retirement timelines, and ensuring tax and estate planning reflect both partners’ goals.
Why Your Financial Plan Should Follow Your Life, Not the Other Way Around
Retirement planning isn’t about chasing an arbitrary number. It’s about creating a plan that evolves with you. That means preparing for income needs in retirement, managing taxes efficiently, and protecting the wealth you’ve worked hard to build.
Maybe you want to retire early. Maybe you want to stay involved in work you love. Maybe you want to support family or give back to causes that matter to you. Whatever your future looks like, your financial plan should support it, not limit it.
Protecting What You’ve Built Is Part of the Plan
As we build wealth, it’s just as important to protect it. Insurance, estate planning, and thoughtful ownership structures can help make sure what you’ve built stays aligned with your goals. This is especially important if you’re caring for loved ones, managing shared assets, or thinking about how to support future generations.
These aren’t just financial decisions. They’re personal ones. And they deserve time, care, and guidance.
Confidence Starts With Having a Plan
It’s easy to feel uncertain when you’re trying to plan for a future that feels far away or constantly shifting. Many women tell me they worry about getting it wrong or not knowing where to begin. But you don’t have to know all the answers. You just need a plan that reflects where you are and where you want to go.
You don’t have to figure it out alone.
Working with a trusted Wealth Advisor can help take the guesswork out of planning, clarify your options, and help you feel more confident about your next steps. Whether you are years from retirement or already thinking about what comes next, the most important step is simply getting started.
A thoughtful way forward
Financial independence doesn’t come from chasing a benchmark. It comes from building a plan that reflects who you are and what you want your future to look like.
No two financial journeys are the same. The most important step is creating a plan that reflects yours.
If you're thinking about what comes next or want to feel more confident in where you stand today, we’re here to help you take that next step.
Meet with Us
Disclaimer
This material contains the current opinions of the author, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. Nicola Wealth Management Ltd. (Nicola Wealth) is registered as a Portfolio Manager, Exempt Market Dealer, and Investment Fund Manager with the required securities commissions.
