Close Menu
BestNewsOnline
    Facebook X (Twitter) Instagram
    BestNewsOnline
    • Retirement planning
    • Insurance
    • Real estate
    • Subscription
    BestNewsOnline
    Home»Retirement planning»Retirement planning myths and misconceptions persist: IG Wealth Management
    Retirement planning

    Retirement planning myths and misconceptions persist: IG Wealth Management

    February 1, 20232 Mins Read
    WhatsApp Facebook Telegram

    “It’s surprising that so many Canadians believe $1 million in savings is enough for retirement, given that many don’t know what their retirement cost of living will be,” said Christine Van Cauwenberghe, head of financial planning at IG Wealth Management.

    A third of respondents (33%) said they did not know what percentage of their current income they would need to cover expenses in retirement. In addition, two-thirds of Canadians say they are concerned about the impact that a recession in 2023 will have on their financial situation and are aware that their cost of living could increase in retirement.

    Nearly six in 10 Gen Z respondents (59%) said they hadn’t started saving for retirement; about one in three millennials (31%) said the same.

    When it comes to investment vehicles for retirement, nearly half of Canadians (44%) believe they can retire comfortably simply by focusing on investing in an RRSP.

    However, an RRSP is only one piece of the retirement planning puzzle, said Van Cauwenberghe.

    “Unfortunately, people are often misled by outdated information and may not be getting the full retirement planning help they deserve,” Van Cauwenberghe said.

    “With lifestyle expenses and added concerns surrounding the impact of inflation on financial plans, especially retirement, Canadians need an individualized retirement plan to determine how many will meet their needs. unique needs.”

    The study was commissioned by IG Wealth of Winnipeg and conducted in partnership with Pollara Strategic Insights among an online sample of 1,507 non-retired Canadians aged 18 and older between January 4 and January 10.

    Add A Comment
    Leave A Reply Cancel Reply

    What's hot

    5 simple steps to early retirement

    October 26, 2022

    Don’t Forget “Beginning of the Year” Tax Planning for High Net Worth Clients

    January 16, 2023

    16 charts that show where Tulsa home sales are going

    January 1, 2023

    Cohousing company Cohabs raises $450 million to continue US expansion

    November 30, 2022
    Don't miss

    Realtor mistakenly receives master’s invitation

    January 7, 2023

    AZ Big Media Here are the biggest misconceptions of home buyers and sellers in a changing market

    November 8, 2022

    On Coastside, the volume of real estate sales collapses as interest rates rise | Local News

    February 1, 2023
    Picked for you

    LACERA invites tenders for the system’s emerging real asset management program

    Retirement planning February 2, 2023

    The Los Angeles County Employees Retirement Association invites proposals from qualified companies to implement the…

    BestNewsOnline.net is owned and managed by

    Top10 International FZ LLE
    Office 2002, 20th Floor, Creative Tower
    Fujairah, United Arab Emirates
    TRN: 100608946800003

    • Home
    • Contact us
    • Privacy policy
    • Terms and services

    Type above and press Enter to search. Press Esc to cancel.