It depends on your situation and how much you will need to live comfortably. Assume $500,000 gives you $50,000 a year for ten years or $25,000 a year for 20 years. If you retire later than usual, say at 70, it will likely be enough. Still, it would be difficult to retire earlier on that amount (particularly if you live in an expensive city), assuming you plan for the average Canadian lifespan of 82 years.