Are we saving enough for retirement?
The old definition of “retirement” is a word that needs to be retired itself. More and more people are saving so that at some point later in life they have the freedom to do what they want, when they want. It’s no longer the “gold watch”. In this article, we go over some statistics with regards to Canadians and their retirement plans, and savings.
We understand that Pensions and Benefits can be complicated, and your time is better spent running your business. It’s important to surround yourself with qualified advisors who can keep the clutter away. More importantly, you want an advisor who is giving you the right advice. Included in this document are five questions to ask yourself to make sure you’re getting the best advice. If you have questions, please e-mail simplify@farrowpension.com
A recent CIBC survey found that the majority of Canadians are unsure if they have enough money saved today for tomorrow’s financial freedom. The survey found that:
- On average, Canadians felt that they would need $756,000 saved for retirement, but only had an average of $184,000 saved
- 32% percent of Canadians had no personal savings for retirement
- 43% of Canadian women age 55+ do not have a retirement plan
- 47% of Canadians 55+ seek advice from a financial professional
Remember, your employees are important, and so is their Pension. Make sure to get advice you can trust from an experienced Advisor.
At Farrow Pension & Benefits, we strive to make a difference in the lives of your employees and their retirement plans by making it easier for them to understand and take action. We would be happy to hear from you, e-mail us at simplify@farrowpension.com
Wayne Farrow
Over his 40 year career, Wayne has worked with hundreds of Canadian corporations to design and manage Retirement Savings Programs involving thousands of plan members.
His hands-on approach and involvement at the Plan Member level gives him a unique ability to see things through the eyes of all the stakeholders and most importantly, the Plan Member.
He has literally been there, and done that, on the shop floor, and the 52nd floor.
This experience has allowed him to simplify the plan design and management of retirement programs in such a way that the most important elements are clearly understood by both the Plan Sponsor, and the Plan Member.
As he always says, “if you can’t explain it to an eight year old, then you don’t understand it.”
You can contact Wayne at: wayne@farrowpension.ca