Plenty of concern for secure retirement: Poll

PRINCE GEORGE — A new poll shows 70 percent of Canadians do not think they will save enough money for retirement. It is a troubling stat, as there are plenty of misconceptions about what is actually needed once you stop working.

The average working-class person wants to retire at 64, according to a recent Scotiabank retirement poll. However, two-thirds of those respondents are also concerned they have underestimated just how much money they will need to have saved. Many financial advisors suggest one million to be the benchmark for a secure retirement.

The survey also notes 53 percent of Canadians are worried they will have to go back to work after they retire. If they have not started planning for it early, it could be risky business for your investments. In Prince George, it has been a relatively stable market compared to other centers which can also impact your post-retirement plans.

General tips courtesy of Stan Mitchell, KPMG Tax Partner, to make sure you can have a secure retirement at the age you want include doing an honest budget, deal with any debt that’s building up towards the end of your work life, and starting early to avoid any potential hiccups later on.