Are you thinking about your retirement?
If the answer is "No," you're not alone! Who's got the time to plan ahead 25 years when there's so much to worry about right now, like putting food on the table, managing a career and finding time to have a little fun?
Still, listen to your parents and grandparents when they tell you time flies! Even though 72% of Canadian workers think the best time to retire is before they turn 661, many of them may not be able to "hang up their working boots" when they'd like to. But why?
We're living longer now! This means that your retirement could last an average of
25 years if you're a man or
29 years if you're a woman1. And that being the case, you're going to have to make sure your savings last as long as you do!
Life expectancy at age 65
|Age 70||Age 75||Age 80||Age 85||Age 90|
Like 71% of Canadian workers, you might be planning to ease into retirement. Or, like 1 in 10 workers2, you may never stop working at all.
But you might also be forced to take a full retirement for health reasons.
72% of current retirees stopped working entirely when they retired2!
Interest rates, the job market, inflation and the economy
While these things might be beyond your control, they have a significant impact on whether your retirement will be free of financial worries. So don't forget to factor them into your planning!
1. Source: Group Retirement Savings, 2010
2. Source: 2009 Desjardins Financial Security Retirement Survey