March 11th, 2015 → 8:00 pm @ MacDev Financial Group| Stephen Devlin // No Comments
It’s been in the news a lot lately—here in Canada and with our American neighbors to the South—RETIREMENT. That word used to drum up images of travel, leisure, and relaxation. But these days that word conjures up feelings of uncertainty and sometimes even dread.
The question has been bounced around a lot lately—is there a retirement crisis looming?
Let’s look at the facts.
Canadians are dreaming about retirement but they are not saving enough for it. According to a recent study posted on Global News, “The survey found 47 per cent of those polled aren’t contributing to a Retirement Savings Plan (RSP), one of the most popular tools for saving for retirement.”
Additionally, fewer companies are offering pension plans to employees leaving many nearing retirement age with only the projected income from their savings. And while it is good to know most Canadians have saved squirreled away a small nest egg in a variety of different savings options, the fact of the matter is that ultimately, the end total isn’t adding up.
Furthermore, the cost of Old Age Security is anticipated to rise to a whopping $108 billion in 2030, leaving the government with the tough decision to decide whether or not to slash its benefits before the program bankrupts itself. Doing so will no doubt greatly affect the lifestyles of many Canadians, present and future.
As the crisis becomes more apparent, it is also becoming more evident that it is up to individuals to plan for their retirements and not rely on pensions, OAS, etc.
Even if you are saving for retirement using as many of these savings options as you can, are you saving enough? How do you know?
So, if it’s already obvious that you need to take your retirement planning into your own hands, why not consider The Bank on Yourself system? Not only are you taking your retirement future into your own hands, you are maximizing the potential of whole life insurance policy that you can use today. It might seem non-traditional retirement planning, but from the looks of it, it doesn’t sounds like traditional I working.
Call us today to see how we can help you get started on the revolutionary Bank on Yourself concept!
Tags: CPA, Financial Advice, retirement advice, retirement information, Tax Advice, Tax Information, Tax Tips
