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.