58 and nothing saved?

Having nothing saved at 58 is serious, but it does not mean you will have no retirement income. Canada's public pensions may provide a base. Your actual amount will depend on your CPP contribution record, years of Canadian residence, when you start each pension, other income, and whether you have a spouse or common-law partner.

Canada Pension Plan is based mainly on your valid contributions and the age when you start it. Check your CPP Statement of Contributions instead of assuming you will receive the maximum.

Old Age Security normally begins at age 65 and is based mainly on residence in Canada after age 18. Forty years of residence after age 18 generally qualifies you for the full basic pension; fewer years may produce a partial pension if you meet the minimum eligibility rules.

If you receive OAS and have a low income, the Guaranteed Income Supplement may add a tax-free monthly payment. GIS generally falls as other income rises, and couples are assessed using combined income. At 58, use your remaining time to estimate these benefits, compare them with essential expenses, review debt and housing costs, and decide what saving, work, or pension-timing changes are realistic.