What worries aging Canadians as they prepare for long-term care?
As Canada’s baby boomers settle into retirement, many are being caught off guard by their complex financial situations
When granted lump sums, such as tax returns, most opt to pay off debts over saving for retirement.
You’ve run the numbers and come up with a plan, but sometimes clients just pick an age they want to retire at, and cling to it blindly.
Most working Canadians (60%) say they can't afford to save more for retirement.
The 2015 federal budget’s reduction of the mandatory minimum withdrawals from RRIFs and similar tax-deferred accounts will reduce the risk that many Canadians will outlive their savings.
BMO Financial Group will sell its U.S. retirement services business to One America.
Retired Canadians spend, on average, $2,400 per month ($28,800 per year). Housing accounts for the single largest monthly expense (an average of $668), finds a BMO Financial Group study.
Inflation is the single biggest risk for retirees, with 58% of pre-retirees and 45% of retirees worried about the potential for rising prices to erode purchasing power.
If forced to retire early, it would take just five years for 40% of middle-aged people to run out of money, finds a survey by Investors Group.