Quote:
Originally Posted by CliffFletcher
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?
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Is 1 million really out of touch
If you have 30 years until retirement:
Even with an average annual return of 10%, you'll have to save $481 per month to get to $1 million before you retire. At 6%, you would need to save $1,021 per month.
If that 'out of touch' ? $500-$1000 in savings a month? And thats starting with 0$ at age 35 for an age 65 retirement