Staff
A new poll from RBC has found that 53% of Canadians feel they are at or ahead of where they should be in terms of retirement savings. However, the poll also found that Canadians have lowered their retirement savings goals.
For those who have yet to retire, retirement savings goals have been reduced by more than $200,000 to an average of $564,000 in 2012 from $778,000 in 2011.
Jason Round, head, financial planning support, with RBC Financial Planning says that using a rule of thumb approach in retirement planning can be useful when starting out but, as retirement nears, averages are less helpful.
Longevity, health, inflation are all factors that can severely impact retirement lifestyle and costs.