People today are living much longer than any previous generation. However, according to a recent article in the Hamilton Spectator, few Canadians are saving enough for their retirement years. This is even more serious in light of the recent federal budget delaying eligibility for Old Age Security to age 67.
Living longer costs more. That’s simple math. So, the sooner you start planning for retirement, the more you’ll be able to enjoy your “golden years.”
“Income is one of the most important health determinants and the basis of an individual’s ability to access appropriate housing and transportation required to maintain independence; nutritious and sufficient food to maintain health; and non-insured medical services and supports such as medication and home support.” – Planning for Canada’s Aging Population
Even if you’re one of the lucky ones who loves their job and doesn’t plan to retire early, stuff happens. You might become ill or injured, you could be laid off, or you may have to stay home to care for your parent(s) or your spouse.
The earlier you begin investing in your retirement savings, the better off you’ll be!
This online retirement savings calculator will help you figure out how much you’ll need to save, but you should get in touch with a certified financial planner to discuss your situation in detail and figure out the best approach for you.
Proper planning can make a big difference to the housing options that will be open to you in the future!
Photo © Wayne Ruston – PhotoXpress.com