Wednesday, July 18, 2012

Is your retirement plan sufficient?

According to one recent American study, many aging Boomers may now need to continue working well into their late 60s and even past 70, due largely to a lack of proper retirement planning. The study found that with the recent financial crisis taking its toll on inheritances and housing values, nearly half of all Boomers—and 56 per cent of Gen Xers—were at risk of being unable to maintain their pre-retirement standard of living at age 65.
Here in Canada, the impact of the recession hasn’t been as pronounced, but there are still questions about how prepared middle-aged Canadians are for retirement. A recent online survey found that less than half of Canadians in their 40s (46 per cent) contribute annually to an RRSP, and only 12 per cent say they make the maximum contribution every year. As a result, the report found, 38 per cent are concerned they aren’t saving enough for retirement.
Retirement planning is an important concern, particularly in the later stages of our working lives. If you have questions or concerns about your retirement preparation, or if you’d like help in mapping out a proper retirement plan, please contact the credit union. We’d be happy to sit down and discuss your options with you.

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