Where will your retirement income come from?
A few facts:
- Less than 1/2 of Canadian workers are covered by employer pension plans
- People are starting to save earlier for retirement
- You could be retired for a longer period of time than you actually worked
Retirement money comes from:
- Your employment pension
- Your RRSP’s
- Your savings, assets, and investments
- Government programs
- Canada Pension Plan
- Old Age Security
A general rule of thumb: You will need 70% of your current pre-tax earnings to maintain your standard of living in retirement.