Paul Martin's Business Update - January 20th

Paul Martin's Business Update - January 20th

It’s a higher bar but they’re more confident about clearing it.

Last week we had a report saying the average retired person in this province estimated they needed a quarter of a million dollars in retirement savings to fund their golden years. Non-retired people had a target twice that high.

But now we have another report – this one looking at the figures high net worth or wealthier people think they need to retire. And its as much as ten times higher.

The average in Saskatchewan is $2.1 million. That’s the lowest among the provinces but more than 90 per cent of them think they’ll make the goal. Interestingly, this BMO Bank of Montreal report had the average Canadian thinking they need three-quarters of a million dollars to retire. That is quite a jump from the earlier report which had it pegged at a half million. This, perhaps, is the most significant finding in all these reports that are being prepared to coincide with RSP season…..we don’t really know how much we need to retire and consulting a professional financial adviser may actually be the best first step of all.

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