What is Your Magic Number?
The good news: 68% of Canadians are currently saving for retirement; the bad news: 70% are worried that they are not saving enough, according to a recent Scotiabank Retirement Survey. Another disconcerting fact mentioned is that 50% of Canadians saving for retirement have not visited a financial advisor in the last year. “Do we have a retirement crisis looming when, according to a new CIBC poll, 32 per cent of Canadians between 45 and 64 have nothing saved for retirement? I’ve come to realize people rarely talk about how much money they will need in retirement. Instead, the focal point of most conversations is on what they hope to do in retirement,” Pattie Lovett-Reid wrote in BNN Bloomberg. She believes this could at least partially explain the majority of Canadians who do not know if they are saving enough. “For many people, the amount of money required to fund maybe 30 years of retirement is a secondary consideration,” she wrote. Also, many Canadians are still expecting to ret