By 2036 nearly 1 out of 4 Canadians will be seniors, thereby outnumbering children for the first time in history.
The Risk of running out of money
Forty years ago Canadians retiring at age 65 could expect to spend about 13 years in retirement. Today, Canadians are living longer and can expect to live as many as 20 to 30 years in retirement, according to the Canadian Institute of Actuaries. This begs the question: “Will today’s retirees have enough?”
Retirement income solution
While statistics clearly demonstrate the pressing need for retirement readiness, according to LIMRA (the Life Insurance Market Research Association) only 11 per cent of pre-retirees within one to four years of retirement have a formal written plan for managing their finances. Having a relationship with a licensed Financial Security Advisor plays a strong role in helping you make the connection between a solid plan and achieving the retirement lifestyle you envision.
The investable assets held by Canadians aged 55 to 74 are currently over one trillion dollars. This is in reference to the amount of money held for the purpose of accumulating and preserving wealth and that number, according to the federal government, is expected to increase significantly and almost double by 2022. Think about your own portfolio and what this means to you – especially when it comes to retirement planning.
Have you talked to your financial advisor about:
Your vision for retirement? How you plan to spend your time?
How much guaranteed income you expect (old age security, Canada Plan/ Quebec Pension Plan, traditional employer pensions, etc) and how much you will need to cover essential expenses along with allowing you to live the life you have planned?
The strategies you can include in your income plan to provide some growth potential so you can maintain your buying power in retirement?
These are all questions a good Financial Advisor can help you answer. At the Meekonomics Project part of our mission is to help people get out of debt, build wealth and leave a legacy. We deal with these and many other questions regarding retirement income planning every day. For more information how you can optimize your investments to achieve the retirement you desire write to – email@example.com