Are your retirement plans up to snuff?

 In Retirement Planning

We all know about the importance of a nest egg.

But how soon should we be building the nest — and what’s the appropriate size of the egg?

The BMO Wealth Institute recently released a special report on how Canadians’ retirement plans measure up, and some of the numbers are frankly shocking.

* 72 per cent of Canadians say they should start saving for retirement before the age of 30, but only 41 per cent actually start by that age;

* 62 per cent of Canadians are without a written financial plan;

* 60 per cent don’t know how much money they need to save to maintain their desired standard of living upon retirement;

* 56 per cent of fully or semi-retired people said they’d pushed back their retirement by one to five years;

* 45 per cent don’t think they’d be comfortable if forced into full retirement tomorrow;

* 40 per cent do not have access to an employer pension plan;

* and 34 per cent of Canadian adults are not prepared financially for retirement.

Canadian census numbers show that Canada has a gradually aging population, with an increasing proportion of retirees.

So what do all of these numbers mean? As a dedicated and experienced financial adviser, I can tell you that there’s a story behind every one of these statistics — and lessons to be learned from those who’ve already retired, or are getting close to retirement.

Let’s take action now to help you successfully plan for your retirement. Book an appointment with me, give me a ring at 403.457.4142, or send me an e-mail so we can follow up with a discussion about your goals, your situation, and your financial future.

Share

 

Recommended Posts

Leave a Comment

RRSP Season