Retirement Questions Continue to Surface

Posted on November 7, 2007 at 12:01 pm
Filed Under Financial Planning, Investment Planning, Retirement Planning

Yet another article was published in the Financial Post today trying to address the many questions surrounding the issues of retirment in Canada.

Of the many interesting thoughts that were raised, one that caught my attention was the topic of Baby Boomers bringing debt into their retirement years. Monique Tremblay, Senior Vice President at Desjardins, claims that “More than 80% expect to be in debt when they enter retirement yet are complacent about it.” The primary reason most Canadians say they will not need to replace 70% to 80% of their income is because their “debt load will be virtually non existent” appears to not hold much weight in terms of Tremblay’s claims.

Your Take-Away: Regardless of whether you plan to bring debt into your retirement years or not, and I’m assuming that very few if any would ever plan that, replacing 70% of your current income during retirement seemse to be more logical and reasonable then ever before. You may exceed that goal, you may just fall short. But defining your desired retirement income today will give you something to aim for tomorrow.

Its been said many times before, and I’ve even written a post to this effect, but the mantra “If you fail to plan, you plan to fail” has never been more true. Don’t feel like you have to change your entire future in one fail swoop, but do make sure you take the smaller, more necessary steps towards achieving your plan. What is step #1? Create a plan.

Have a wonderful Wednesday!

Chris

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