Will I ever be able to retire?” is a common question amongst the Boomers generation. Last week we discussed the problem of living paycheque to paycheque. This week we’ll be addressing whether or not you will ever be able to retire. That’s right; there is a distinct possibility that many of you may never be able to retire. A new HSBC study reports that 17% of Canadians believe that they will never be able to retire, while a growing number of Canadians believe that retirement is getting further and further away and therefore the answer to their will I ever be able to retire question is NO.
- 40% say they did not prepare well enough and of that group that doesn’t have enough money, 40% only came to the realization after they retired
- 72% of retirees experienced a fall in income, yet only 48% had a similar drop in spending
- 14% of people were funding a dependent in retirement while 32% of people not fully retired made the same claim
A BMO study reports that Baby Boomers are about $400,000 short of their retirement goals. Another reason why the answer to their will I ever be able to retire question is no. The money has to come from somewhere and as a result the BMO survey reports that:
- 71% of Boomers plan to work in retirement and therefore feel that the answer to the will I ever be able to retire question will never be yes
- 44% will sell off their valuable goods such as antiques or possessions they don’t use in order to raise funds otherwise the answer to their will I ever be able to retire question will never be yes
- 33% plan to sell their home to help make ends meet otherwise the answer to their will I ever be able to retire question will always be no
According to Sun Life Financial’s annual Unretirement Index poll:
- Only 27% of respondents believe they’ll retire by 66, a nearly 50% decline from the previous year
- Economic uncertainty and poor financial planning are being cited as key reasons why a majority of Canadians surveyed say plans to retire by age 66 are more of a fantasy than a reality and their answer to the will I ever be able to retire question is no
Are you one of the many Canadians who haven’t been able to save for retirement? Is life a financial struggle to pay the monthly bills? Are you relying on credit to maintain your lifestyle? Are you forced to use expensive credit, such as an online bad credit loan or a bad credit line of credit? Do you feel that it is no longer worth spending your time thinking about the will I ever be able to retire question because your reality is too depressing?
If so, you are living in a financial danger zone. Consult a professional Trustee as soon as possible. Contact Ira Smith Trustee & Receiver Inc. for sound advice and a realistic financial plan to turn your life around. Starting Over, Starting Now we can solve your financial problems and put you back on track to living a debt free life. We want to help you answer a resounding YES to your will I ever be able to retire question.