Episode 67: How Much Did You Save Towards Your Retirement Last Year?

Published May 11, 2026

When it comes to retirement planning, many people focus on investment returns — but contribution habits matter just as much.

In this episode of Money Monday, Darren Devine, Financial Planner with Sun Life and President of Devine & Associates, shares two simple questions he asks Clients every year to help measure financial progress and identify potential concerns early.

How much did you save toward retirement last year?

Did your debt go up or down?

These questions aren’t about judgment — they’re about awareness.

For those still working, reviewing annual savings helps determine whether your current habits align with the retirement lifestyle you’re working toward. It also creates an opportunity to evaluate whether you’re using the right savings tools, such as RRSPs, TFSAs or pension contributions.

For retirees, the conversation often shifts from accumulation to sustainability. Monitoring debt levels and cash flow can help reveal whether your retirement income strategy is supporting your lifestyle effectively — or whether debt is quietly increasing in the background.

This episode explores:
→ Why annual financial check-ins matter
→ The relationship between savings, debt, and retirement readiness
→ How “financial autopilot” can create blind spots over time
→ Why small adjustments today can help prevent larger problems later

Retirement planning isn’t just about investment returns — it’s about understanding whether your day-to-day financial habits are supporting your long-term goals.

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Money Monday Related Episodes 

If you’re reviewing your retirement progress, these Money Monday episodes offer additional insight into saving, planning, and long-term financial goals.

Episode 4: The Importance of Contributing Before the Tax Cut-Off
A look at how regular contributions can support both your retirement savings and your long-term financial strategy.
Episode 45: Should You Top Up Your RRSP or TFSA?
Understanding where to direct your savings can help you build flexibility and tax efficiency over time.
Episode 55: TFSA in 2026: The Most Underused Retirement Tool
Explores how TFSAs can play an important role in long-term retirement savings and income planning.
Episode 52: Do You Have a Written Plan — or Just Good Intentions?
Saving consistently becomes easier when your financial goals are clearly defined and supported by a written plan.
Episode 29: Keys to a Successful and Secure Retirement
A broader discussion about the habits, planning, and strategies that support long-term retirement confidence.

How Much Did You Save Towards Your Retirement Last Year?

Presented by Darren Devine, CFP®, CLU®, Financial Planner, Sun Life and President of Devine and Associates Financial Services Inc.


How much did you save toward retirement last year… and did your debt go up or down?

If you’re not sure, you’re not alone—but that’s exactly why this check-in matters.

Hello, and welcome to Money Monday, where we help simplify your financial journey.
I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates. I’ve been helping families in Ontario like yours plan for and enjoy retirement for over 20 years.

Two questions I ask Clients every year are very simple—but very revealing:

How much did you save toward retirement last year?
And did your debt go up… or down?

If you can’t answer quickly, it doesn’t mean you’ve failed. It just means your money is on “autopilot” instead of being intentionally directed.

Here’s why these questions matter:

If you’re still working, knowing how much you saved tells us:

  • Are you on track for the lifestyle you want in retirement?
  • Are you using the right accounts—RRSPs, TFSAs, pensions—to save tax efficiently?
  • And is there room to increase your savings even slightly without feeling squeezed?

If you’re already retired, “saving” may look more like keeping debt low and cash flow healthy.

That’s where the second question comes in: did your debt go up or down?

  • If your debt went down, great—you’re moving in the right direction.
  • If it crept up—on a line of credit, credit cards, or a loan—that’s a signal we need to look at your income strategy. Are you withdrawing from the right places, at the right times, to support your lifestyle without relying on debt?

Taking 20–30 minutes to answer these two questions each year can help you spot problems early, instead of being surprised later.

If you’re not sure how to calculate what you saved or how to get debt under control in retirement, that’s exactly where a financial planner can help turn “I think we’re okay” into a clear picture and a real plan.

Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!

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