Why do you need to take a more active role in your retirement?
Posted On July 1, 2021
Posted March 21, 2019 08:16:10It seems like the golden age of the Canadian retirement has arrived, and the financial crisis is just a few years away.
The average Canadian woman has seen her savings balloon to an average of $1,500 per month, but the average male is on track to earn $12,000 per year.
That means the average Canadian man is set to earn nearly $80,000 more in retirement than he did when he was a child.
That’s according to a new report by the Canada Pension Plan Investment Board (CPPIB), which also found that more than half of those surveyed were concerned about their financial security in retirement.
And while the retirement picture may be grim for most Canadians, some are looking beyond retirement to save for their children’s college educations.
In fact, the report said the average retirement savings for a single person aged 25 to 34 has risen by more than $40,000 since 2014.
“A young adult is a great investment for their child’s college education,” said Rob MacKenzie, CEO of the CPPIB.
“I think it’s great that they can save up and put a down payment on their college education, but they need to be careful.”
That’s because, in the future, a student with a college degree is going to be more likely to need help to pay for it.
“In the future when a college student starts working, they’re going to need more help,” MacKenny said.
“So you need a little bit of savings in the bank.
It’s a little easier to save than it is today.
But if you’re looking at the total amount of money you’re going towards your college education and the cost of the education itself, that’s going to cost a lot more than if you had just a small savings.”
The college tuition is going up in Canada.
So you need some kind of retirement fund to offset that, so you’re not going to have the same type of balance of debt.
“For many, it’s not so much a question of whether or not you need one.
The CPPIBI report found that, by and large, women are more concerned about having enough money to retire than men are.
But there are some exceptions.
The survey found that among those who had a retirement savings plan, women were more than twice as likely as men to say they needed more than their current level of savings.
And while more women than men say they need more than they currently have, there are differences in where the differences are most pronounced.
Women are also more likely than men to think that saving is more important than saving for retirement, even when they have retirement savings plans.
And, for many, the cost savings for their retirement are even more significant than their retirement savings.
For example, the average amount that a woman has saved for retirement has increased from $1.26 million to $3.08 million since 2014, according to the CPAIBI survey.
The report also found a small percentage of Canadians are using a mix of investments and saving strategies to save.
And some people, like David MacKay, a pension consultant from Halifax, are looking at ways to save even more.”
My wife and I are saving a lot, and our 401(k) is a little too much,” MacKay said.”
It’s the only retirement savings I have that I can really call my own.
And she wants me to do it.
And it’s been good.
“MacKay is also a fan of saving for college education.”
If I could have a college education on my own, I would go,” Macay said.
He’s looking at his retirement savings to be a $30,000 lump sum for his wife and $5,000 for their four children.
He’s also thinking about how to get an extra $3,000 in each of his four 401(ks) to help offset his college tuition.”
I’m not sure if I want to spend $100,000 just to buy an education, or $50,000,” Mac Kay said.