Retirement Needs More Confusing Then Ever

Posted on November 1, 2007 at 12:06 pm
Filed Under Financial Planning, Investment Planning, Retirement Planning

Another great article was published at www.reportonbusiness.com and was a follow up to the Fidelity survey results from last week.

I had commented on the article and stated that each situation is very unique and that although a standard formula has been used for retirement planning (between 70% and 80% of current income needs to be replaced), that it is impossible to rely on that solely.

Specific to the article and some of those individuals Rob Carrick interviewed, I too agree that 80% is probably too high for the average Canadian, but I also believe that the majority of Canadians don’t want to have to live frugally during their retirement if they had the choice. A great question that one Advisor poses to his clients is “How much cash would you need to live comfortably if you were to stop working today and didn’t have child-related expenses and mortgage payments?” That is a great starting point, but not the only question that matters.

Your Take-Away: This very recent article proves all the more that seeking Professional guidance and advice in the arena of retirement should almost be mandatory for most Canadians. There are multiple tools available online to help you determine how much you actually need to be saving in order to achieve your retirement goals, but it can sometimes be overwhelming to try and fight your way through the options, lingo and calculators on your own. As always, it is better do something small on a consistent basis, then to do nothing at all. After all, small steps can grow into large long term results.

Take a serious look at your retirement goals and your current situation and determine for yourself if you could use the expertise of someone who works with individuals like yourself for a living.

Until next time, enjoy your first day of November!

Chris

Bookmark to: