Retirement: Good News and Bad News
A recent article by Ted Rechtshafen in the Globe online edition encourages us to think about our retirement prospects, and plan for them.
The author notes that in 1921, the average life expectancy for a Canadian male was 58.8 years, while the mandatory retirement age was usually 65. At that time, financial planning for retirement was not an issue for most.
Good news: life expectancies have gone way up. Bad news: we now need to plan for a (hopefully) much longer retirement. Most Canadians should plan for, conservatively, a 30-year retirement!
Planning for retirement means considering the following basic questions:
-Do I need to think about ways to work beyond age 60-65?
-Am I saving enough for retirement?
-What is my world going to look like in 25 years?
The article contains links to tools such as a detailed “How long will I live” calculator. The calculator is eye-opening and instructive, and worth a visit. Other links include a “How much money will I have at the end” calculator, which estimates the value of your estate, assuming you live to a full life expectancy. Again, eye-opening.
Thanks for reading.
Paul E. Trudelle – Click here for more information on Paul Trudelle.