Planning for retirement Canada: Introduction
Planning for retirement Canada appears to be a very troubling matter. As we’ve discussed before, many Canadians will have to alter their views about retirement as they face the prospects of outliving their money. Some will have to put off retirement indefinitely; others will have to continue to work part-time. But the harsh reality is that very few Canadians will be financially able to maintain their current lifestyles.
Planning for retirement Canada: Canadians are concerned
In a recent Royal Bank of Canada “Financial Independence in Retirement” poll, Canadians over the age of 55 revealed that:
- 46% feel that they’re falling short of saving enough to retire
- Only 33% are now willing to tweak their lifestyle plans to face that reality
The top concerns of the Canadians polled were:
- The ability to maintain their current standard of living
- The ability to cover the costs of health care
- How to make the most out of savings
- How to deal with inflation
- What lifestyle changes to make
- How to manage debt in retirement
Planning for retirement Canada: Will you outlive your money?
As our life spans continue to increase, more and more Canadians will be facing the prospect of outliving their money. In 2015, Statistics Canada projected that by 2061 more than 78,000 Canadians will be over 100 years old – versus 5,800 in 2011. And, sadly we are ill ready for the financial ramifications of longevity.
If you’re like most Canadians you won’t able to maintain your current standard of living. Are you worried about covering the costs of health care? Do you know what lifestyle changes to make? Will you be able to manage debt in retirement?
Planning for retirement Canada: Will you have debt in retirement?
Are you managing debt now? If these things are occupying your thoughts call Ira Smith Trustee & Receiver Inc. today? We’re experts in dealing with debt and we can help. Starting Over, Starting Now we can give you back peace of mind and a solid plan for moving forward towards retirement.