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How Much Do you need to Retire in Canada? | Retirement in Canada
If you’ve been living in Canada for a while now, I think you would agree that the living standard in Canada is generally pretty good.
But what comes with this high living standard is also a high price tag. It’s no secret that Canada is an expensive country.
From housing to your cell phone bills and all the taxes you pay, it’s not an easy thing to meet our ends, let alone save up for retirement.
According to a poll done by CIBC back in 2018, Canadians estimate they will need an average of $756,000 for retirement, yet the average amount Canadians have saved for retirement is $184,000;
what’s more surprising is the fact that 90% of the respondents don’t have a detailed retirement plan describing their retirement lifestyle or income needs, 32% have no retirement savings at all,
and 26% have no clue how much they will need for retirement.
Honestly, the results from this poll are quite worrying.
You may well be aware of the importance of having a retirement plan, and the importance of start saving early, but do you know exactly how much you would need to be able to retire comfortably in Canada?
So in today’s video, I want to share with you how much you would need for retirement in Canada, and where to begin.
now we are already in 2021, so How much do you need to retire in Canada?
before I reveal that magic number, take a guess, what do you think?
How much do you think you will need for your retirement?
When you talk to people around you, it seems like a million-dollar is that magic number that most people aim to have for retirement.
So why do most people think you need to have 1 million in order to retire?
Is this number sensible, or does it only sound good because it will make you a millionaire?
Is one million actually enough to get you through retirement in reality?
How much money do you need to retire in Canada?
Retirement Calculator 01:
Retirement Calculator 02:
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In the past 10 years, Thomas C Chan been focus on helping Canadians to develop for their financial success, with advice about investments and insurance, such as life insurance, critical illness insurance, and disability insurance.
Whether you want to know more about tax saving, retirement planning, or financial growth, Thomas can bring clarity on your retirement, wealth, and insurance. He understands the life stages and challenges that people are going through.
In Canada, you have many options for savings and investment vehicles, such as the RRSP and TFSA. To figure out how to take advantage of your options, Thomas can help you figure out what best suits YOUR financial needs. If you are interested in learning about how money works, and how to work with money, check out his videos!