Feb 08 2018

Are You Saving Enough to Retire?

Are You Saving Enough To Retire?

CIBC published a recent poll on the subject “Am I saving Enough to Retire?”.

CIBC poll …credit to (CNW Group/CIBC – Consumer Research and Advice)

If I boil it down to the most important points in the whole article, I think it’s as follows.

  • 90 per cent of Canadians, who are not currently retired or semi-retired, do not have a formal and detailed retirement plan that describes the lifestyle they want
  • 53 per cent aren’t sure if they’re saving enough

Where do you start?

  1. Do you know what your Old Age Security (OAS) benefit is and when you’re eligible to start? Click here to learn more.  
  2. Do you know what your Canada Pension Plan (CPP) benefit is and when your eligible to start? Click here to learn more.

These  two important pieces of the puzzle that a financial planner needs to help you construct a baseline written financial plan.

If you’re a client, we follow the six-step process outlined here.

Alternatively, if you aren’t a client, some simply choose a periodic fee-for-service plan much like a doctor’s annual physical. This independent review excludes implementation and ongoing monitoring of your plan but is a good place to start.

 

 

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