More Canadians worry about having enough money for retirement: poll

A new Bank of Montreal survey found Canadians believe they will need $1.7 million in savings to retire, up 20 percent from a few years ago.

However, experts warn that the amount needed will vary.

“That’s not the number that everyone will need,” said Caroline Dabu of BMO.

“Some (who) retire need far less than that to retire comfortably, some might need more than that. The most important thing is to really sit down and know what your goals are, what you’re saving, how long as you will have time and really track your ongoing progress toward those goals.”

The survey also found that around 44 percent of Canadians are confident they will have enough money for retirement, down 10 percent since 2020.

Dabu said it’s likely due to a few factors.

“Rising interest rates, rising prices, and that in turn translates into lower confidence in retirement and less confidence in diverting that extra money to save and invest,” she said.

A local finance expert said the key is planning and navigating through unexpected changes.

“If your investments haven’t given you what you need to fulfill your plan, then you can put plans into action,” said Nathan Sugeng of Fontaine & Associates in Sudbury.

“Does that mean you have to work longer? Maybe take on more work, maybe adjust your budget today so you can save a little more to make up for that loss.”

Sugeng said people often wait until their 30s to start planning their retirement, but they really should start thinking about it once they enter the workforce.

“If you start investing at 18 and put in $1,000 a month for 10 years, you’ll end up with more money for your retirement than if you start saving at 35 and, you know, $2,000 a month.” (save). ”

Sugeng said that rather than having a plan A or plan B for your financial well-being, you should constantly evolve your plan around the current financial climate and be prepared to review and change your profile annually.

Source: northernontario.ctvnews.ca