More Canadians concerned about having enough money to retire: survey
A new survey from the Bank of Montreal found Canadians think they will need $1.7 million in savings to retire, up 20 per cent from a couple of years ago.
But experts caution that how much you need will vary.
“That’s not the number that everyone is going to need,” said BMO’s Caroline Dabu.
“Some (who) retire will need far less than that to retire comfortably, some may need more than that. The important thing is really sitting down and knowing what your goals are, what you’re saving, how long you’re going to have and really tracking your ongoing progress towards those goals.”
The survey also found that around 44 per cent of Canadians are confident they’ll have enough money to retire, down by 10 per cent since 2020.
Dabu said that’s likely because of a few factors.
“Rising interest rates, rising prices, and that’s, in turn, having an effect on decreased confidence around retirement and decreased confidence about having that extra money to divert to savings and investing,” she said.
A local financial expert said the key is planning and navigating through unexpected change.
“If your investments haven’t given you what you need in order to meet your plan, then you can put into action plans,” said Nathan Sugeng of Fontaine & Associates in Sudbury.
“Does that mean you have to work longer? Maybe pick up more work, maybe adjust your budget today so you can save a little bit more to compensate for any of that loss.”
Sugeng said people often wait until their 30s to start planning their retirement, but said they should really start thinking about it as soon as they join the workforce.
“If you started investing at 18 for 10 years and put in $1,000 a month, you’ll end up having more money for your retirement than if you started saving when you’re 35 and, you know, (save) $2,000 a month.”
Sugeng said rather than having a plan A or Plan B for your financial well-being, you should constantly be evolving your plan around the financial climate at the time and be prepared to review and change your profile annually.
CTVNews.ca Top Stories
Pedestrian, baby injured after stroller struck and dragged by vehicle in Squamish, B.C.
Police say a baby and a pedestrian suffered non-life-threatening injuries after a vehicle struck a baby stroller and dragged it for two blocks before stopping in Squamish, B.C.
Senate expenses climbed to $7.2 million in 2023, up nearly 30%
Senators in Canada claimed $7.2 million in expenses in 2023, a nearly 30 per cent increase over the previous year.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
RCMP uncovers alleged plot by 2 Montreal men to illegally sell drones, equipment to Libya
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
Government agrees to US$138.7M settlement over FBI's botching of Larry Nassar assault allegations
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Pro-Palestinian protests roiling U.S. colleges escalate with arrests, new encampments and closures
The student protests of Israel's war with Hamas that have been creating friction at U.S. universities escalated Tuesday as new encampments sprouted and some colleges encouraged students to stay home and learn online, after dozens of arrests across the country.