This Is The Average TFSA Balance for Canadians at Age 60

The Canada Pension Plan (CPP) is a pension program through which Canadians can start receiving full benefits when they turn 65 and begin collecting their Old Age Security (OAS) benefits. However, 65 is the typical retirement age, and seniors can work as long as they are capable. Those who choose to continue working mostly do so for financial reasons.

The CPP and OAS are designed to provide income during retirement, but these pension programs are there to cover only part of what you’ll need. This is why retirement planning is crucial for bridging the gap between your expenses and lifestyle needs and what pension programs provide.

The CPP and OAS should be the foundations of your retirement income, but Canadian retirement accounts like the Tax-Free Savings Account (TFSA) can be tools to use for funding the golden years of your life.

TFSA at 60

Are you 60 or about to turn 60 this year? This is usually when people focus more on their retirement than on progressing in their careers. You can technically start collecting your CPP benefits after turning 60, although it will be a reduced amount.

According to Statistics Canada, the average unused TFSA contribution of people aged 60 to 64 in the 2023 tax year was around $47,600, which is significantly lower than the $88,000 cumulative contribution room available in that year. It is highly possible that the unused contribution room could have been worth significantly more.

For illustration purposes, a 7% dividend stock paying monthly dividends will compound a $50,000 investment to $70,881.26 in five years. The gain from the monthly reinvestment of dividends is $20,881.26, or approximately 41.76% of the original investment. This is the case when you reinvest the dividends generated by the monthly dividend stock to unlock the power of compounding to accelerate your wealth growth.

A high-yielding monthly dividend stock

Slate Grocery REIT (TSX:SGR.UN) can be an excellent pick for playing catch-up using the available contribution room, especially due to its high-yielding returns and monthly payouts fitting the math of the example above.

As of this writing, the real estate investment trust (REIT) trades for $17.21 per share and distributes US$0.072 per unit each month, translating to an almost 7% annualized dividend yield. The $1.02 billion market cap trust is the owner and operator of U.S. grocery-anchored real estate.

Slate owns open-air shopping centres anchored by big names in the grocery store industry. The strong tenant base and the essential nature of the products its tenants offer spell good news for investors seeking reliable dividend income.

The first fiscal quarter of 2026 saw Slate Grocery REIT report an 11.8% increase in its revenue year over year, and its net operating income increased by 3% in the same period. Across its 115 properties, it boasted a 94.4% occupancy rate, further cementing the factors that make it seem like an attractive holding.

Foolish takeaway

Even at 60, TFSA users have adequate time to build a financial cushion to fund a more comfortable retirement. To this end, high-quality monthly dividend stocks can be excellent tools. Slate Grocery REIT is a high-yielding TSX dividend stock that can be part of such a portfolio.

The post This Is The Average TFSA Balance for Canadians at Age 60 appeared first on The Motley Fool Canada.

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More reading

• An Ideal TFSA Stock Paying 7% Each Month
• A 7% Dividend Stock Paying Monthly Cash
• This 7% Dividend Stock Is My Go-To for Cash Flow Planning
• All it Takes is $5,000 Invested in Each of These 3 Dividend Stocks to Help Generate Nearly $1,100 in Passive Income in 2026
• 5 Canadian Stocks I’d Buy If I Wanted Instant Income

Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends Slate Grocery REIT. The Motley Fool has a disclosure policy.