Saving for your retirement

Retired husband and wife sitting on couch and smiling When you retire, you will want to have enough income from your savings so that you can live comfortably. A CIBC advisor can help you come up with a retirement savings plan using options such as RRSPs that allow for tax savings now and tax-sheltered growth.

What are your retirement savings options?

How much money will you need?

When you retire, if you want to enjoy the same quality of life you have now you will need an income of about 70 to 80 % of the money you earn today. For example, if you make $50,000 a year at your job, you will need an income of $35,000 to $40,000 from your savings each year in order to enjoy the same lifestyle.

There are several questions you need to ask yourself when planning for your retirement.

  • How many working years do you have left until you retire?
  • What do you want to do when you retire? Do you want to live a quiet life at home, travel the world, or move to a different city?
  • When will you start to receive your Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits? How much will you get?
  • In addition to your retirement savings, what other money will you have to live on? For example, will you get a pension from your employer? Do you plan to sell your house and use the money for day-to-day living expenses? Do you expect to inherit money from a family member?

Answering these questions will help you and your CIBC advisor create a plan. Because your financial situation or retirement goals may change over time, it’s important to meet regularly with your advisor to discuss the progress of your retirement plan.

What are your retirement savings options?

CIBC offers you many ways to save for your retirement. These include:

CIBC Market Linked Guaranteed Investment Certificates (GICs): This type of investment lets you grow your money based on the financial markets while your initial investment stays protected.

Learn more about Market-Linked GICs.

CIBC Mutual Funds: We offer a variety of mutual funds ranging from low risk to high– for all investor types1.

Learn more about mutual funds.

CIBC RRSP GICs: This type of investment is safe and flexible. If you have a CIBC bank account, you can open a new CIBC RRSP GIC account or put money into an existing RRSP account at any time. 

Learn more about RRSP GICs.

CIBC RRSP Daily Interest Savings Account: This account is a great way to start saving for your retirement. You can open an account with just $25 and access your money any time. Interest is guaranteed. 

Learn more about Daily Interest Savings Account.

CIBC Investor's Edge® Self-Directed RRSP: If you like making your own investment decisions, this may be right for you. This account can contain stocks, exchange-traded funds (ETFs), mutual funds, bonds and other securities. You can trade online, through your mobile phone’s browser, or use the CIBC Mobile Wealth app2

Learn more.

CIBC Personal Portfolio Services: If you prefer to have your investments managed professionally, consider this service. It is available to clients with $100,000 or more to invest3

Learn more about CIBC Personal Portfolio Services.

Get more information about all the retirement planning options available at CIBC.