There
seems to be a large discrepancy of thought in what Canadians need to
save and have available for retirement. I have heard anywhere from 50%
of pre retirement income to 100%. This is
a big difference in percentages. What are you saving now? Are you on
target to hit your percentage of retirement income?
The
challenge really is what state your health will be at retirement. You
could end up with a short retirement because your health is poor. Or
you planned for the short life span in retirement
based on your family history and you end up with a long healthy
retirement. What do you do then if you planned for a shorter retirement
and end up with a retirement of 30 or 40 years to fund. Planning to
save more is always a safer bet since it is better
to have a choice of how you will spend your retirement years no matter
how long your retirement is. A lot more variables to consider so it is
always wise to talk to a Financial Planner to help you plan your ideal
retirement.
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