Are you ready? A question that many people ask themselves, sometimes later than they should, is “will I have enough to retire?” A study conducted in June of 2014 called “A Survey of Non-retirees and Retirees in Canada: Retirement Perspectives and Plans” found that six out of ten Canadians are putting money away for retirement- but most feel they haven’t saved enough to last them all the way through it. The study also determined:
- Nearly 40% surveyed are unsure how much they will need to save
- 20% of respondents feel they will never be able to retire
- Over 1/3 said they were uncertain when they would be able to leave the workforce
- 45.6 % say they plan to continue to work part-time or on contract
- 60% of those 65 or older say they will continue working
- Just over 1/3 ages 35-44 say that retirement planning is a priority
So, how do you know how much you will actually need to retire? The best approach is to seek advice from an experienced Financial Advisor who can help you plan the best course of action. Additionally, we have provided a convenient online tool which can help you calculate and give you a sense of how much you should be looking to save for your retirement years.
Check it out today!