Quote:
Originally Posted by CliffFletcher
.
30 per cent of Canadians currently have no retirement savings. A further 20 per cent have less than $50k. The average sum saved at retirement is $184k, and I’d wager the median is considerably lower than that.
https://www.bnnbloomberg.ca/32-of-ca...-poll-1.991680
All of this talk of $1 mil vs $1.5 mil is completely out of touch with reality. Shouldn’t Canadians be talking about what our average experiences of retirement are going to be like rather than presenting scenarios that are out of reach for the majority of people? |
Thats really a failure of education and money management. For 45 years it works out to .76 cents per hour to save up 184k. Targeting 1 million inflation adjusted is $4.13 for a single person. Saving 10% of pre tax household income for the median family income shouldn't be difficult. For the top 50% of Canadians 1 vs 1.5 million is a very reasonable discussion and shouldn’t be phrased in terms of a trade off of live for today or save for the future.