A new report by the Bank of Montreal says that because low interest rates are only producing razor-thin returns, Canadians will need to double their savings in order to have a comfortable retirement.

Small business owner Belinda Bigold has been planning for her retirement for years. “I think I started a lot earlier than other people. I was serious about putting aside money when I was younger,” she says.

Bigold, the owner of High Tea Bakery, says she’s putting her eggs in many baskets – mutual funds, stocks – and by owning the building her business is in.

“I have run my own numbers, so I know how much I would need to be comfortable,” she says.

Vanessa Kunderman, a financial planner for London Life, says that people need to communicate with their advisor about what they consider a comfortable retirement in order to get the best results. “You need to paint a picture with your advisor about what you’re doing,” she says. “That’s going to be a big game-changer, because it’s going to be different for everyone.”

Kunderman says people need to ask themselves how much they want to live on in their golden years and save realistically. She says it’s about adjusting your lifestyle and paying yourself first. “When you get paid, put the money in an RRSP, tax free savings account, or whatever other vehicle you’re using. That’s the best habit to get into.”

For Belinda Bigold, her retirement now rests in her own hands.

Bigold feels the pressure, but the self-professed “work-a-holic” says she won’t ever stop working, but she would like to stop relying on work when she turns 65.

“I need to look at the business long term, and I need to keep it going long-term. It’s a bit of a pressure on your own shoulders to keep that going.”