Outlook for retirement for Canadian baby boomers is poor

Canadians who are getting ready for retirement are facing huge problems when it comes to how much money that they will be able to have when they actually enter retirement. Polls reveal a very negative side of retirement for Canadians, with many Canadians fearing that they will not be able to maintain their current standard of living and that they will run completely out of money while on retirement. Analysts paint a gloomy picture of the road ahead, saying that Canadians will need to save double the amount of money that they had to save just five years ago. Many baby boomers are in dire straits as they had their nest egg destroyed in the 2008 and 2009 financial crisis and now have no or not enough savings. If you are worried about retirement, the best advice is to go to your bank and speak with an advisor. Investing mostly conservatively but with a few high risk stocks is regarded as the best strategy for those nearing retirement by Adrian Mastracci who manages portfolios at KCM Wealth Management. Even though the outlook looks bad, if you put your money away as soon as you can, you should be able to live comfortably in retirement.

Posted in: Retirement, Saving Money

One comment

  1. Eloides says:

    This really is an awesome post, I’m happy I came across this as retirement is knocking on my door right now. I will be back to read more of your articles later!

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