As it turns out, concerns about not having enough money to retire are among the chief worries of Canada's ageing baby boomer population. A recent report from CIBC noted that over 30% of Canadians (nearly one third) between the ages of 45 and 64 have nothing saved for retirement.
With many Canadians relying on a Canada Pension Plan (CPP) and other incremental income to retire, the thought that one may be able to get by on a monthly distribution which was far less than the money one made during one's career may be valid, although cutting back on spending and avoiding debt traps will become tougher and tougher to do as healthcare costs and other retirement related costs potentially cut into amount of monthly income these Canadian approaching retirement may receive.
For those in their "career golden years," investing for retirement is perhaps one of the most important things one can do. Planning for retirement should involve bringing in financial experts such as financial planners to determine how much one plans to spend during retirement, and backing out a number which would need to be saved to meet those goals.
For those aged 45-64 without any retirement savings, such a process is needed, given the reality that being able to work into one's golden years is an option which could be taken off the table for a variety of reasons.Focusing on safe, income producing investments is one of the best ways of gaining financial freedom for retirees. As such, contacting a financial advisor or financial planner to make such arrangements should be a top priority for those in all stages of one's career, as living costs continue to increase.
Invest wisely, my friends.