Prepare for Living Longer

Canadian life expectancy has been steadily increasing over the years, reflecting advancements in healthcare, nutrition, and overall living conditions. According to Statistics Canada, the latest available data showed that the life expectancy at birth in Canada was approximately 82 years for males and 86 years for females. These figures may vary slightly depending on factors such as region, socioeconomic status, and access to healthcare services.

Generally, Canadians enjoy a relatively high standard of living and access to quality healthcare, contributing to their longer life expectancy compared to many other countries. While many may think this is great news, living longer is also a retirement planning challenge as many will have to put aside savings to prepare for 20-30+ years of retirement. As far as RRSP and TFSA savings here are the steps to face this “living longer” challenge:

• Let us complete a comprehensive retirement plan for you.

• Retirement planning is important at every age and ideally, in the 20s and 30s, much younger ages than people typically will focus on retirement.

• Invest often, automatically, invest more, and always be investing!

• A “new age” retirement ideal is to retire with a fully funded RRSP and TFSA  

As far as retirement lifestyle planning it’s important to remember that it is only your working life that will be ending, not the rest of your life. Retirees today are finding that they are not spending less, so setting your personal goals around what you “want” during those years is more realistic than simply what you “need”.

Email or call us on 877-537-4006 to find out more.