What today’s savers can learn from today’s seniors about retirement planning
A new study of retirees, from 30 countries including Canada, provides valuable insight to those looking to retire in the future. When asked, 44 percent of retirees said they wished they had saved “a little” more and 14 percent wished they had saved a lot more. Nearly 1/4 of them are using pension income, which may not be available to those currently working as pensions and benefits are on the decline. While Canadians need to be saving more to make up for the difference, many are saving less due to spending more on real estate and higher debt levels. The Canada Pension Plan (CPP) and Old Age Security (OAS) will only provide a modest amount of the average Canadian retirees’ income, so Canadians should be thinking more about saving independently.