Having a retirement plan is crucial for reducing stress and ensuring peace of mind. It's best to start saving when beginning a full-time job, but it's never too late to develop a strategy. Consider your lifestyle goals, potential expenses, and how much you wish to leave for family or charity. A successful retirement plan should be realistic, often budgeting around 70% of pre-retirement income. Relying solely on government benefits is insufficient; utilize tax-advantaged accounts like RRSPs and TFSAs, and include all assets in your retirement calculations.