Paul Martin's Business News February 13th, 2014

Paul Martin's Business News February 13th, 2014

More than a million dollars is the new target for retirement savings.

Business owners in the baby boom generation may be the best role models for anyone looking to build a retirement financial plan. That is the finding of a Royal Bank study that showed baby boomer business owners have a propensity to invest both time and money in retirement financial planning.

Because they have to take of their own financial affairs business owners are more conscious of the need for sound planning, according to the RBC survey. And these business owners have upped their estimate of what they’ll need to retire. A year ago they figured they’d need $968,000 to fund their retirement. This year they think it will take $1.1 million. And that is quite a contrast from the average Canadian who figures the requirement amount is $600,000.

And these business people have a different priority from the average person when it comes to financial planning for retirement. Right now they are putting money into their retirement accounts while the rest of us are focused on paying down debt as the top priority.

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