Many Canadians unsure about maintaining their desired lifestyle in retirement

Survey finds Canadians aren’t sure how much they’ll need for retirement Related news Most Canadians understand that how much money they need in retirement will be determined by the lifestyle they choose. But fewer are confident that their retirement income will support their desired lifestyle for the length of their retirement. Recent research from Winnipeg-based Investors Group revealed that 30% of Canadians are not aware of how long their savings, pension and investments will support their desired level of retirement income. Earnings surge for Great-West Lifeco in Q4 IE Staff “The connection between how much you need and the lifestyle you live is a pretty obvious one for most Canadians,” says Aurele Courcelles, director, tax and estate planning, of Investors Group. “Those who have no idea of how long their savings, pensions and investments will sustain their desired retirement lifestyle could be in for some unpleasant surprises. They should get to work on developing a clearer idea of how they plan to live in retirement and if the lifestyle they have in mind is financially feasible.” Courcelles shares some pointers for those grappling to get a better understanding of their retirement needs: > Start by making sure you understand your specific financial position and understand where your retirement income will be coming from and how much. > Make sure your budget is realistic and that your income can cover all the planned expenses. > Be sure to take into account periodic expenses, including insurance payments and taxes. Don’t forget to budget for vacations. > Apply the basic rule of budgeting: be sure that on a monthly basis, income will exceed expenses. For retirees, it’s important to understand where their retirement income is coming from and how they can maximize it. “Making sure that retirement savings last long enough will also require adjustments to investment portfolios to match the various retirement living phases individuals can expect to experience over a lifetime of retirement living,” says Courcelles. Survey data was gathered through teleVox, Harris/Decima’s national telephone omnibus survey. The data were gathered between Nov. 8 and 12, 2012 for a total of 1,000 completes.A sample of the same size has a margin of error of 3.1%, 19 times out of 20. Facebook LinkedIn Twitter Keywords Retirement Share this article and your comments with peers on social media Snowbirds win legal battle to reinstate out-of-province medical coverage

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