Quote:
Originally Posted by CliffFletcher
For context, it’s worth keeping mind that the average Canadian has $184,000 saved at retirement, and those numbers are skewed by the high end. 30 per cent of middle-aged Canadians have no savings and 20 per cent have less than $50k saved.
The median after-tax income in Canada for households headed by an individual over 65 years old is $61k. Single individuals over age 65 have a median after-tax income of $27,500.
If you plan to have $750k saved at retirement, you’ll be doing very, very well compared to most other retirees.
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Well, maybe, but it does depend on what you plan to do in retirement and where you live and that sort of thing. It's really varied, and I'm not sure that a relative comparison is the way to go about things. If you want, say $3000/month after tax and have $750k saved, you're essentially withdrawing 10% a year. You almost definitely have a longevity risk issue there.
And yeah, people will get CPP/OAS and such to help with their retirement, but it will depend on their contributions there as well.