Canada’s population is aging. The earliest of the baby boomers are in their 60’s and more than four million Canadians, or one in eight, are currently over age 65.
At the same time, we are living longer which means our savings need to last longer than ever before. Also:
- Savings are at an all-time low
- A smaller percentage of Canadians are covered by traditional company pension plans
- More retirees will probably be relying financially on their own savings and ability to manage them
- Recent market volatility has many wondering when they will be able to retire
- Financial planning in retirement requires a different approach than saving for retirement and investors and their advisors need to understand the differences
No wonder people are worried about retirement.
It’s not all bad news. On average, people today approach retirement in better shape both physically and financially than previous generations. In fact, it’s estimated that by 2014, Canadians 55 years and over will control almost 72% of investable assets.
As well, we have new saving vehicles, like the Tax-Free Savings Account
to add to our retirement strategy, should we choose.
Have you had someone review your investment portfolio lately? Cambrian has a team of investment specialists that can answer any questions you may have about your retirement plans. Call one of our branches