Retiring at 62 with $1M: Is That a Mistake in Canada

In this episode of the AskTMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti explore a question many Canadians approaching retirement ask themselves: if you’re 62 with $1 million saved, is it actually enough to retire in Canada? Using a realistic client-style scenario, they walk through the key factors that can determine whether retiring at 62 is sustainable or potentially risky. While $1 million may sound like a strong retirement nest egg, the outcome depends heavily on how government benefits, taxes, and withdrawals are coordinated. The discussion highlights one of the biggest challenges for early retirees in Canada: the three-year gap between starting CPP at 62 and Old Age Security beginning at 65. During that period, your savings may need to carry a larger share of your income, which can significantly shorten the duration of your portfolio. The episode also outlines the main questions advisors review when evaluating a plan like this: when to start CPP, which accounts to withdraw from first (RRSP, TFSA, or non-registered), how taxes affect withdrawals, potential healthcare costs before age 65, and how inflation may impact spending over a 25–30 year retirement. Retiring at 62 with $1 million may be possible, but the success of that decision depends far less on the headline number and much more on the strategy used to turn those savings into retirement income. 👉 Watch the full video episode on YouTube to see how a $1M retirement plan at age 62 can play out for Canadians: https://www.youtube.com/watch?v=hivbpj9WYuk  Question for our listeners: If you’re approaching retirement, have you tested whether your savings can support an early retirement, or are you relying on a rough estimate? If you’d like help evaluating whether your retirement plan is sustainable, we’re offering a complimentary portfolio analysis to review your income sources, withdrawal strategy, and tax exposure: https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_