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Retirement
Retirement
High consumer debt levels, possible interest rate increases within about a year, historically low savings rates and talk of pension changes in Canada; the message is that Canadians need to change how they plan financially for retirement. Or more accurately, many people need to stop putting off actively planning for retirement.
Many Snowbirds look forward to sunshine and warm temperatures in the winter months – it’s a big drawing card for those who have time to leave Canadian winters behind. However, as with any travel plans, you’re wise to consider the financial implications of your decision ahead of time, and then prepare accordingly. Here’s a checklist to get you started:
Most Canadians don’t know what their retirement income will be.
According to one survey, 83 percent of Canadians don’t know how much income to expect when they stop working.* More and more Canadians seem to be waking up to what this may mean for their retirement. As they look ahead to retirement, they are realizing that their bad spending habits may catch up to them sooner rather than later.
