Paul Martin's Business Update - January 16th

Paul Martin's Business Update - January 16th

This is the time of year when we get bombarded with information and advertising about retirement planning, largely because the deadline for last year’s RSP contributions is just a few weeks away.

What the ads don’t tell you is…how much is enough to retire on? Good question and not one that has a pat answer. That was evident in an RSP survey conducted by RBC Royal Bank.

First, unlike one from another major bank a few days ago, this year’s RBC finding discovered that saving for retirement has taken over top spot in the minds of people looking at their financial plans. Last year it was debt retirement. Interestingly, the other major bank’s survey found the opposite.

Nonetheless, RBC asked a variety of people how much they think a well-funded retirement would require in savings. Retired people had the lowest figure – about a quarter million dollars – while younger folks set it closer to a half million. That makes sense as those with retirement a decade or two away will see costs rise through inflation so they’ll need more money when they get the gold watch.

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