It kills me how much disinformation and FUD there is out there about retirement planning these days.
I just read another article from a bunch of Waterloo actuaries that says that today's boomers are not saving enough and will be in danger of working until 75 or so - probably flipping burgers at Mickey D's - in order to survive in their old age.
The facts of the matter are much better stated by Malcolm Hamilton of Mercer Consulting:
(1) Most senior couples who are retired have more disposable income than working couples with a mortgage and kids to educate.
(2) You need about 40-50% of pre-retirement income (not 70%) to get by modestly.
(3) CPP and OAS will provide a fair chunk of your post-65 income. You need to save a bit to make up the difference but you don't need $2 million or so.
(4) Those of us fortunate enough to save in defined benefit pension plans, or put away a fair bit in RRSPs will be able to retire early or start a second career in our late 50s if we want to.
Read some articles by Malcolm Hamilton. He's telling the truth while a lot of so-called "planners" are just selling you snake oil. We are living proof that he's right.
Adventure of the Seas - Fall 2019 - Day 6
8 months ago