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Baby Boomers Short Of Retirement Savings Goal

On average, Canadian baby boomers are more than $400,000 short of their retirement goals, says a study by the BMO Wealth Institute. It found most people said they need an average of $658,000 saved to feel secure with their retirement finances. However, they only have about $228,000 in the bank. As a result, the study shows that 46 per cent of Canadian baby boomers are not confident about their financial security in retirement. To fill this funding gap, many people plan to postpone their retirement. Most survey respondents said they would like to retire at age 59, however, it is more likely that they will retire at 63. It also shows 71 per cent of Canadian boomers plan to work part-time in retirement to make up for their lack of savings.

Courtesy of Benefits and Pensions Monitor website News Alerts

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