In its study entitled « In the minds of employees » and conducted among 1000 Canadian employees, the consulting company that specializes in the field of health and retirement, reports that 64% of respondents would have liked to start saving for their retirement earlier.
Generation Y (18 to 35 years old)
A Tangerine survey revealed in 2017 that 62% of 18-35 year olds have already started saving for retirement. Furthermore, 46% of them say they started before the age of 25.
This « impressive » statement, Tangerine estimates, far outweighs the 35-65 year olds. Only 18% say they started saving for retirement before their mid-twenties.
Consequences
For example, 41% of employees over the age of 50 are planning to delay the start of their retirement, 41% think they have to work part-time and 46% are preparing to embrace a more modest lifestyle.
Possible solutions
Since we can not go back in time, you can, among other things, consider investing in your RRSPs the accumulated values in your life insurance policies or borrow money to make the most of your RRSP. October is retirement month. What would you say if we looked at your retirement strategy together? There are new avenues of saving we can explore together like the Tax free saving account (TFSA).
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