I'm 52, saving at least 10% of my income for retirement — but my husband isn't saving anything and has no plans to. What should I do?

What if your spouse isn’t saving for retirement?

There’s no need to run for the shadows just yet. But you do need to start a conversation — and that’s not as easy as it might sound. According to the RBC 2024 Relationships and Money Poll, 77% of respondents say money is a source of stress in their relationship.

Those conversations are difficult because sometimes each spouse has different ideas about how much to save. Add to that, the same poll found that 47% of respondents believed they handle finances better than their partner, which can cause some added tension to these discussions.

Jada and her husband may want to start by ensuring they’re on the same page with their goals. Maybe Jada wants to volunteer or work part-time while her husband wants to travel. Whatever the case, they’ll need to have a heart-to-heart conversation about what they want to get out of retirement.

But it's important to be extremely mindful of how much money they’ll still need to reach those goals. A general rule of thumb is to aim for about 60% to 80% of your pre-retirement income.

If Jada and her husband are finding it difficult to talk or even crunch the numbers, they may want to enlist the help of a financial adviser.

But it’s not just about math. They may want to look at the issue of why Jada’s husband isn’t saving. With that in mind, the question of will they have enough to cover an unexpected financial emergency or long-term care?

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Strategies for saving for retirement later in life

Once Jada and her husband are on the right track, they can start working together on a savings plan that meets their retirement goals.

Since Jada’s husband is also in his 50s, there may also be some hesitancy to open an individual retirement account, which is why a spousal RRSP may be a good option, as he can contribute to Jada’s retirement fund and receive a tax deduction.

While it’s ideal to start saving for retirement when you’re younger in order to benefit from the power of compounding, it’s never too late to start.

For example, even if you’re starting later in life, you could still benefit from opening an RRSP and funding it to the maximum amount — especially if your employer matches your contributions. For the 2025 tax year, the maximum contribution limit for a RRSP is $32,490.

Jada’s husband could also contribute to a TFSA, which uses after-tax dollars and grows tax-free. That means, as long as he follows the withdrawal rules, those withdrawals aren’t taxed as income. For the 2025 tax year, the maximum contribution limit for a TFSA is $7,000.

For Jada and her husband, having those uncomfortable conversations about money could help them synergize their retirement goals — and take some pressure off Jada.

Sources

1. RBC: Finances and feelings: Harsh economic realities taking a toll on relationships among Canadian couples - RBC poll (Dec 12, 2024)

2. Government of Canada: MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE

3. Government of Canada: Tax-Free Savings Account (TFSA), Guide for Individuals