Why your Retirement Plans Might be Doomed to Failure

By USDR

Canada has a great healthcare system and our life expectancy seems to keep going up. This means we’ll get to live happier and more fulfilling lives, but at the same time it’s going to take a lot of money. It’s something everyone should be taking seriously right now.

If someone doesn’t have enough money saved up they might not be able to retire when they want to. They’ll definitely not have the quality of life they expect after working hard for decades. Does our country have any hope for the future?

Canadians Are Saving For Retirement

In a recent poll of 2,000 Canadians they discovered roughly 60 percent of those questioned were actively saving for retirement. That is actually a lot higher than you’ll find in most countries even though it’s not ideal.

It’s even more interesting because a lot of those polled were in the 24-35 year old age bracket. Over half of them were saving for retirement, so they do understand how important it is to start saving early.

Listening To Terrible Advice

A huge problem is the advice people are getting these days, or to be more specific it’s where they’re getting it from. If uneducated financial bloggers give a Toronto SEO company money they’ll end up on the first page on Google.

People are then taking their advice at face value even though they might not know what they’re talking about. Everyone wants to help people, but those saving for retirement need to listen to professionals.

The Actual Figures Don’t Lie

Everyone expects around $45,000 per year during their retirement, which doesn’t make sense when you realize how little they actually have. Those who have been smart enough to start saving still only have around $70,000.

If someone is closer to retirement age this number increases to $125,000, but it’s not enough for their future aspirations. How long do they really expect this money to last when they stop working?

A Lot Of The Money Is In Cash

Reach out to Mass Tsang criminal lawyers because this should be a crime. That might be a light-hearted joke, but nobody should have a large majority of their retirement money sitting in cash where it won’t grow.

60 percent of a Canadian portfolio could be made up of cash and with interest rates and inflation you don’t stand a chance. Like we said earlier, you need to get advice from someone who knows what they’re talking about.

Speaking With Financial Advisors

It’s not even a case of making sure you speak to a great financial advisor. Only 38 percent of savers consult with any, although 21 percent of people have said they’ve spoken with one in the past.

More than half of Canadians think investing their money is still like gambling, which is only really true if you’re greedy. Everyone needs to reach out to someone to sort out their future before it’s too late.

There Is Still Time To Change

Most of the population won’t hit their retirement goals because they don’t have enough time left. It doesn’t mean there isn’t time to change. At least they’ll walk away with more money every month when they do hang up their boots.

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.
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