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Retirement: Are you prepared?
- March 19, 2010 8:57 AM |
- By POV
Canadians will have to rely far more on personal savings to retire comfortably, says David Dodge, former governor of the Bank of Canada.
In a study for the C.D. Howe Institute, Dodge said even those who think they have great company pension plans and solid registered retirement savings plans, or RRSPs, should re-examine their assumptions.
To maintain the same standard of living after they retire, he said, Canadians need to set aside 10 to 21 per cent of their pre-tax savings every year, starting from the time they're 35.
"This fraction is likely far higher than many Canadians believe and higher than is set aside in most employer-based group RSPs or defined-contribution plans," Dodge writes in the paper, co-written with Alexandre Laurin and Colin Busby.
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Retirement: Do you have a plan that will allow you to retire comfortably?
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