Wednesday, February 17, 2010

Retirement News for Today

Here are some interesting facts relating to retirement planning:

    1. A third of Canadians have no RRSPs but even among those that do, 80 percent are not confident the investments in them will provide enough for Retirement, according to a BMO survey.

    2. One in four Canadians don't know how much retirement income and retirement savings they will need to retire. In other words, 25 percent do not even know how much retirement income is required to achieve a comfortable retirement. Interestingly, 54 percent estimate they'll need at least $550,000 in retirement savings.

    3. Most Canadians and Americans want to retire early, or at least by the age of 65. Incidentally, this retirement age has been the official one since the welfare state was founded by Otto von Bismarck in 19th century Germany. There are trends happening, however, that are creating a changing picture of retirement. Many people who were looking forward to packing it in are having to postpone retirement because of the economic downturn has forced them to reconsider their plans.

    4. The RBC survey showed that 90 percent of Canadians believe they will have enough money to cover retirement. But an RBC spokeswoman also said many Canadians underestimate the amount they will need once they stop work.

Retirment Planning for Retirees and the Soon-to-Be Retired Who Do Not Know How to Spell Retirement

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