Monday, February 11, 2013

Proper retirement planning remains elusive for many Canadians

Several recent surveys have found that while saving for retirement is a high priority for most Canadians, many are not doing a good job of actually planning for their golden years. Three separate surveys released in January reached similar conclusions: Canadians need a plan for retirement saving, they need that plan sooner rather than later, and then they need to stick to that plan. The first survey, by Angus Reid, found that although 65 per cent of Canadians are worried about their financial wellbeing during retirement, 56 per cent admitted they may not have enough income to sustain a good quality of life. A second survey, by Leger Marketing, found that while 69 per cent of current retirees feel good about their finances, 28 per cent are afraid of running out of money at some point down the road. Finally, an Environics Research Group poll of current retirees found that the top piece of advice retirees have for working Canadians is to save more money by creating a budget and sticking to it. A significant portion of retirees surveyed (44 per cent) also recommended contributing the maximum amount to your RRSP each year. If you’re one of the many Canadians concerned about your retirement plans, why not speak to North Winnipeg Credit Union representative today? Contact us at (204) 954-7450. We can help you begin developing a plan that will put your retirement goals on the right track.

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