Filed Under:Annuities, Variable

Canadian Boomers C$400,000 short of retirement savings goal

According to a recent BMO report

Canadian Boomers, on average, are currently over C$400,000 short of their individual retirement savings goal, according to a recent study conducted by the Bank of Montreal (BMO) Wealth Institute.

There are myriad reasons for the troubling statistic ranging from nest eggs which were ravaged by the markets during the global financial crisis, to the transition from defined benefit plans to defined contribution plans and simple inadequate planning. But the reasons for the rampant underfunding are becoming more and more irrelevant as the oldest of the Boomers turned 65 in 2010 and waves of others are rapidly approaching retirement age.

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Nichole Morford

Nichole Morford
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