Canadians’ Disturbing Plans for Retirement
Topic: Pearls of Wisdom
March 13, 2014
Canadians’ Disturbing Plans for Retirement
CBC News recently conducted a survey of Canadian retirement plans.
The results are certainly interesting, and in some aspects, deeply disturbing for the future of many baby boomers. 89% of respondents said they would be relying on CPP, and of those, 51% said they would rely “heavily” on CPP. Since CPP tops out at $1,000 per month there obviously needs to be some other source of income to even reach the poverty line. 59% of people said they would likely take a part-time job to support retirement. 49% said they would sell their home or other real estate. 40% said they were counting on an inheritance. The most frightening insight, however, is that 34% of respondents claim to be counting on a lottery win to make their retirement plan work.
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