Will We Need
For those of us older 55+ who have thought about retiring and have found that our savings have not merited much of anything due to low interest rates, this information from the Financial Consumer Agency of Canada may be of interest to you.
It is overwhelming to discover how much we need to save in order to retire comfortably.
For many of us, it seems like we will have to work forever if we hope to continue to live in Vancouver.
For those of you who own homes, you have
ready assets that can be used to apply to your housing and savings. If you are not in this category, here are some factors that can affect how much we will need for our retirement:
- Your retirement goals
- Current spending versus expected spending
- When we want to retire versus our life expectancy
- How much we will get from Canada’s public
- pension program?
- The impact of inflation
Please do not delay. When online, visit the Financial Consumer Agency of Canada website, Saving for Retirement section to find out more about these factors, so it will not be a shock when you retire.
If you need further support and information, please make an appointment with Margaret Kocuiba, South Vancouver Neighbourhood House Information and Referral Councillor (I&R) at 604-324-6212.
We always welcome your comments and feedback below...