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More Savings, But Not Enough

While Canadians are trying to save more for retirement this year, they still are not saving enough, says a survey from the Canadian Payroll Association. It found 66 per cent are trying to save more this year, up from 40 per cent last year. However, almost half (46 per cent) of respondents say they save five per cent or less, not even half the 10 per cent of net pay most financial planning experts say is necessary. The survey shows 73 per cent have saved less than a quarter of what they wish to accumulate. And of those 50 or older, 45 per cent are less than a quarter of the way to their retirement savings goal. However, they are also revising their retirement needs as 34 per cent, compared to 42 per cent last year, feel that savings of $500,000 to $1 million will be sufficient to live comfortably in retirement.

Courtesy of Benefits and Pensions Monitor website News Alerts


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