Quote:
Originally Posted by CliffFletcher
Looking at those figures, it seems CPP/OAS are the foundation of most Canadians’ retirement. I’d guess the average senior collects around $1k/mo between the two programs, accounting for almost half of the $61k median household and $28k individual retirement income. So having enough savings to provide another $1k/mo would just about bring you to the median retirement income.
Just trying to point out that in a lot of these retirement threads (and media advice columns) the ranges presented are from the wealthiest 30 per cent of Canadians to the wealthiest 5 per cent. They’re far from how typical Canadians do and will retire.
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This is true. My in-laws have retired about 15 years ago with practically no savings. Sold their house in 2007 on the high, bought a small duplex villa in a condo complex with the difference going into their only retirement nest egg. Live on $3,000 in total income from CPP, OAS and senior's benefit. No travel, no discretionary expenses whatsoever. But at the same time, they can afford food, small car, utility bills and condo fees, a dog. So, yeah, you don't need a million to survive in retirement.