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The average net worth at age 60 in Canada is $800,000-$1,100,000 . The median is $500,000-$700,000 . Here’s your pre-retirement assessment.
Table of Contents
Net Worth Benchmarks at Age 60
Percentile
Net Worth
Top 10%
$2,500,000+
Top 25%
$1,200,000-$2,500,000
Average
$800,000-$1,100,000
Median (50th)
$500,000-$700,000
Bottom 25%
$200,000-$500,000
Bottom 10%
Under $200,000
Retirement Readiness by Net Worth
Liquid Assets (excl. home)
Retirement Readiness
$1,500,000+
Very comfortable — can retire anytime
$1,000,000-$1,500,000
Comfortable — on track
$500,000-$1,000,000
Moderate — may need to adjust lifestyle
$250,000-$500,000
Challenging — work longer or downsize
Under $250,000
CPP/OAS/GIS dependent
Income Sources in Retirement
Source
Typical Monthly Amount
CPP (at 65)
$800-$1,350
OAS (at 65)
$700-$750
RRSP/RRIF withdrawal
$2,000-$4,000
Pension (if applicable)
$1,500-$4,000
TFSA withdrawal
$500-$2,000
How Much Do You Need?
Retirement Lifestyle
Annual Need
Required Portfolio (4% Rule)
Basic ($40K/year)
$40,000
$600,000 (after CPP/OAS)
Comfortable ($60K/year)
$60,000
$900,000
Premium ($80K/year)
$80,000
$1,300,000
Affluent ($100K/year)
$100,000
$1,800,000
Sample Net Worth at 60
Example: Well-prepared 60-year-old
Asset/Liability
Amount
Home (paid off)
$900,000
RRSP
$550,000
TFSA
$100,000
Pension value
$200,000
Non-registered
$150,000
Savings
$50,000
Total Assets $1,950,000
Mortgage
$0
Other debt
-$5,000
Total Liabilities -$5,000
Net Worth $1,945,000
This person can retire comfortably immediately.
Are You Ready to Retire?
Checklist Item
Status
Mortgage paid off
✅ or close
Emergency fund (1 year)
✅
Debt eliminated
✅
Health benefits figured out
✅
CPP/OAS understood
✅
RRSP drawdown plan
✅
CPP Timing Decision
Start CPP
Monthly Amount
Best For
Age 60
64% of max (~$880)
Need income now, shorter lifespan
Age 65
100% (~$1,350)
Standard option
Age 70
142% (~$1,920)
Can delay, expect longevity
Delaying increases payments significantly.
Key Decisions at 60
Decision
Considerations
When to retire
Health, finances, desire
Downsize home
Free up equity, reduce costs
RRSP to RRIF conversion
Must by December 31 of year you turn 71
OAS clawback
Income over $86K triggers clawback
Estate planning
Will, POA, beneficiaries updated
Final 5-Year Push (60-65)
Strategy
Impact
Continue working
Add $100,000-$300,000
Max RRSP
Another $150,000+
Delay CPP
7.2% more per year delayed
Pay off mortgage
Eliminate largest expense
Common Retirement Mistakes
Mistake
Consequence
Retiring too early
Outlive savings
Not accounting for inflation
Purchasing power erodes
Healthcare underestimated
Major unexpected expense
Too conservative portfolio
Growth still needed
Giving too much to kids
Depletes nest egg
Written by
WealthVieu
WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy
