40 and no pension: What do you do?

This article from MoneySense discusses what to do if you are in your 40s and do not have a pension. It suggests setting up automatic contributions to a registered retirement savings plan (RRSP) to mimic the pay-yourself-first approach of a pension. The article provides an example of how someone who starts saving at 40 can amass nearly $500,000 by age 65, which, combined with benefits from the Canada Pension Plan (CPP) and Old Age Security (OAS), can provide a comfortable retirement. It also mentions the option of using a tax-free savings account (TFSA) to boost retirement savings. The article emphasizes the importance of understanding and utilizing government programs, increasing savings contributions over time, and considering other sources of retirement income such as real estate. [Extracted from the article]