Retirement planning often feels like trying to hit a moving target in the dark. How much is enough? When can I retire? Will my money last? These questions keep many Canadians up at night. While everyone's situation is unique, there are some key benchmarks and questions that can help you gauge whether you're on the right path or if it's time to make adjustments.

1. Are you saving enough for the retirement you want?

What matters here is consistency and intentionality. It's not about hitting some magic savings percentage. Rather, the question to ask is, "Am I saving enough to fund the retirement lifestyle I've envisioned?" Because here's the truth: there's no universal "right" savings rate. Someone planning to travel the world in retirement typically needs to save more than someone planning a quiet life in a paid-off home. Someone who started saving in their 20s can save a smaller percentage of their income than someone who didn't start until their 40s.

Time is your most powerful ally in retirement savings, which is why starting now, regardless of the amount, beats waiting until you can afford to save "the right amount." Are you saving something consistently, every single pay period? If not, that's your starting point. Establish the habit, even if the amount feels small.

2. Do you know your retirement income sources and amounts?

Being "on track" requires knowing where the finish line is. Can you list all your expected retirement income sources and estimate how much each will provide? Most Canadians will rely on some combination of: Canada Pension Plan (CPP) or Quebec Pension Plan (QPP), Old Age Security (OAS), employer pension plans (if available), personal savings in RRSPs and TFSAs, and possibly non-registered investments, and rental income.

If you can't estimate these amounts within a reasonable range, that's a red flag. You can check your CPP contributions and estimated benefits through your My Service Canada Account. Review your pension statements annually if you have an employer plan. For personal savings, your advisor can help calculate what your current balance might grow to by retirement, then estimate the sustainable annual income that balance could provide to you in retirement.

3. Have you determined your retirement lifestyle and its cost?

Here's where many people get stuck: they're saving diligently but have no clear picture of what they're saving for. Will you travel extensively or stay close to home? Downsize your home or age in place? Pursue expensive hobbies or enjoy low-cost activities? Each choice has dramatically different financial implications.

A useful exercise: track your current spending for two or three months, then project how it might change in retirement. Some expenses may disappear (commuting, work clothes, RRSP contributions), some may decrease, and others might increase (travel, healthcare, hobbies). Many retirees find they need 70-80% of their pre-retirement income, though this varies widely. The point isn't to know the exact number today, it's to have thought seriously about the lifestyle you want and what it might cost.

4. Do you know how much you have—and how much you'll actually need?

Here's where the rubber meets the road. Start with what you have and add up all your retirement savings across all accounts including your RRSP, TFSA, any employer pension, non-registered investments earmarked for retirement. Don't worry about being precise to the dollar, but you should be able to ballpark your total retirement nest egg within a reasonable range. If you can't, that's a red flag. How can you know if you're on track if you don't know where you currently stand?

Now for the harder question: how much will you actually need? This depends entirely on the retirement lifestyle you envision. If you've already worked through the earlier question about defining your retirement lifestyle and its cost, you can estimate your annual retirement income needs – your advisor can help. The gap between what you have and what you need is your retirement savings gap. If the gap is large and you're getting close to retirement, you have three basic levers to pull: save more aggressively, work a few years longer, or adjust your retirement lifestyle expectations downward.

5. When did you last review and update your retirement plan?

Being on track isn't a one-time achievement. It's an ongoing process. Markets fluctuate, life changes, retirement goals shift, and tax laws evolve. A plan that was perfect five years ago might be outdated today. If you haven't reviewed your retirement strategy in the last year or two, you're essentially driving toward retirement using an old map.

Regular reviews catch problems early when they're easier to fix. Maybe you've had a salary increase and should boost your RRSP contributions. Perhaps you've paid off your mortgage and can redirect that cash flow to retirement savings. Or maybe you've developed new health concerns that change your insurance needs or retirement timeline. An annual retirement checkup—either on your own or with your advisor—ensures you're adjusting course as needed rather than discovering problems when it's too late to fix them.

The bottom line: progress, not perfection

If you couldn't confidently answer all five questions above, you're not alone. Many Canadians have some uncertainty about their retirement readiness. The good news? Recognizing gaps in your plan is the crucial first step toward fixing them, and there are strategies to help you get back on track or accelerate your progress.

The worst thing you can do is avoid these questions because they feel overwhelming. An Edward Jones financial advisor can help you stay on track to the retirement you envision.

Remember, retirement planning isn't about achieving some theoretical perfect number. It's about making informed decisions today that align with the life you want tomorrow. And if you find you're behind, that's still valuable information – it means you can make changes now rather than facing unpleasant surprises later. Your future self will thank you for taking an honest look at where you stand and making thoughtful adjustments to help get you to the retirement you deserve.