Dash to the Finish

Retirement is just around the corner for the Count Down-ers and they’re takingretirement savings more seriously. Nevertheless, one-third (38%) still don’thave a retirement savings plan.

Interestingly, as close as this group is to retirement,
 

• 29% still don’t think they’ll be able to retire at their ideal age;
• They’re anxious they have not saved enough to maintain their standard of living, with 42% somewhat or very concerned;
• Nearly onethird (32%) are somewhat or very concerned they will outlive their savings.
   

Rethink Income

This anxiety may stem from the fact that many Canadians aren’t clear on just how much they’ll need to maintain their standard of living in retirement. Industry terms such as “replacement ratios” are foreign to them—but a little education about the retirement risks that affect financial well-being (which can have an impact on personal health) goes a long way.

What about you? Do you know how much money you will need for your retirement? Try our Retirement simulator!

Vital Statistics
 

• Contribute to a group savings plan at work: 39%
• Covered by a group insurance plan: 72%
• Have a retirement savings plan: 62%
   

Source: Desjardins Financial Security Retirement Survey, 2007

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