Can we all afford to retire?

Saving money for retirement is on the radar for many working Canadians.  According to the HSBC bank Future of Retirement  study it was found that Canadians are more likely than anyone else in the world to say that financial worries are a serious impediment to retiring. Think about the impacts of this on our mental health as we age!

The survey by HSBC suggests that nearly half of working-age Canadians are not saving for retirement and that 40% of retired Canadians said they did not prepare well enough and they came to that realization after they retired. Perhaps then, it is not surprising that 17% of Canadians expect to be in their job till the bitter end.  Is this how you see retirement?

The numbers add up to the average working person expecting to retire at 63, up from the 61 of their parents. Today’s workers are facing new financial pressures, such as paying back school loans, housing costs, etc, which are affecting their ability to save for retirement. Granted some people simply can’t afford to save for retirement for a variety of  reasons such as supporting other family members.  However, there is an underlying consensus that starting your saving earlier is better. Even though it may be a long time from now it is good to think about it early. How would you like to retire?  We would love to hear from you!

Start planning now. Talk to a financial advisor and make a plan that works for you. This will help to reduce the stress on our mental health as we continue to age and prepare for retirement. Ready or not, retirement is approaching!  What are you doing to plan for your retirement? 

 

 

References

Marr, G (2013 September 18).  Some Canadians fear a future of never being able to retire. Financial Post. Retrieved from http://business.financialpost.com/personal-finance/some-canadians-fear-a-future-of-never-being-able-to-retire

HSBC (2013). The Future of Retirement: A Balancing Act Global Survey. Retrieved from https://www.hsbc.com.vn/1/PA_ES_Content_Mgmt/content/vietnam/personal/financial_planning/document/life-after-work.pdf