Quote:
Originally Posted by GGG
When you say the vast majority under estimate their requirements do you base that on the actual results of people retiring with to little or peoples projections of the lifestyle they want versus their current savings rates?
In terms of poverty rates the elderly have very low rates relative to the rest of Canadians. Now this is obviously because we have a UBI for old people and there is a difference between not living in poverty and living the retirement lifestyle you want. But at least from a low income perspective the elderly have fewer monetary issues than the younger demographics.
https://www150.statcan.gc.ca/t1/tbl1...pid=1110013501
I think this is interesting. The assumption here is that it’s better to work more today to offset a risk of having less in the future. I think to much emphasis is made on having a bullet proof retirement plan and results in people making more sacrifices today for perceived risk. The worst case outcome of being 80 with a paid off house and just CPP OAS and GIS isn’t as bad as outcome as often made out to be. |
That assumption is incorrect. No one has said work more so that you can save more. No one. I think that is where the disconnect has been here.