Starting to save for retirement later than planned could feel overwhelming, especially when you realize how much time has already passed. But taking bigger risks isn’t necessarily the answer. If retirement is closer than you’d like, your priority should be building a roadmap you could follow consistently, with investments offering income and room to grow.
In this article, I’ll outline that roadmap and highlight two Canadian dividend stocks that could help you put it into practice.
A realistic roadmap for late retirement savers
While it’s easy to regret not starting earlier, the good news is that you can still make meaningful progress with a disciplined investing strategy.
Even if you have only 10 or 15 years before retirement, regular contributions and reinvested dividends could help your portfolio grow over time. I would begin by making the most of available Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) contribution room while focusing on quality businesses with sustainable earnings and dividend growth. As those companies increase their payouts, the additional income could help accelerate your savings journey.
At the same time, you should also take advantage of portfolio diversification to avoid relying too heavily on any single stock or sector for your retirement savings. Spreading your investments across different industries can help reduce the impact of company-specific setbacks while keeping you exposed to long-term growth opportunities.
This way, you may not be able to recover every missed year, but you could still build a meaningful retirement portfolio by making the most of the years ahead.
And here are two dividend stocks that could help you put this retirement savings strategy into practice.
Manulife stock
For late starters trying to make the most of the years they still have, Manulife Financial (TSX: MFC) offers a useful mix of dividend income and long-term growth potential.
This Toronto-based firm provides insurance, retirement solutions, and wealth management services across Canada, Asia, and the United States. Its shares gained 38% over the last year to trade at $61.99 apiece. At that price, Manulife has a $102.7 billion market cap and a 3.1% annualized dividend yield.
The company’s core earnings in the second quarter climbed 12% year-over-year (YoY) at constant exchange rates to $1.9 billion, backed by growth in Asia and wealth management and a lower expected credit loss provision. Asia was a key driver, with core earnings growing 21% YoY. Its global wealth and asset management division also posted 9% higher core earnings, helped by fee income and contributions from Comvest.
Notably, Manulife also returned $2.6 billion to shareholders through dividends and buybacks in the first half of 2026. Meanwhile, the company is expanding investment offerings and using artificial intelligence (AI) to improve efficiency.
For late retirement savers, that blend of diversified earnings, growth opportunities, and shareholder returns makes Manulife stock worth considering.
Fortis stock
If Manulife brings growth and diversification to this roadmap, Fortis (TSX: FTS) could add some stability to your portfolio through regulated utilities and a long-term dividend-growth plan.
Based in St. John’s, Fortis mainly provides electricity and natural gas services across Canada, the United States, and the Caribbean. Its stock has jumped 12% over the last year to trade at $81.13 per share. At that price, it has a $41.7 billion market cap and a 3.2% annualized dividend yield.
In the June quarter, Fortis reported net earnings of $396 million, up about 3% YoY, while its earnings per share improved to $0.78 from $0.76. Growth in its regulated asset base and higher retail electricity sales backed that earnings growth, although financing and operating costs limited gains.
In the first half of the year, the company invested $2.7 billion and remains on track with its $5.6 billion annual capital plan. Its $28.8 billion five-year investment program is expected to grow its regulated asset base by around 7% annually through 2030. More importantly, Fortis expects this growth to support annual dividend increases of 4% to 6% through 2030.
For late retirement savers, Fortis offers an attractive combination of current income and potential dividend growth. Along with Manulife and other investments, it could help build wealth without depending on risky shortcuts.