Painting a concerning picture, the median retirement savings for Americans stands at a mere $87,000, a figure far lower than what is needed for a comfortable nest egg. This savings gap—the amount people have actually saved versus what they believe is needed for retirement—is significantly rising. In fact, a recent survey from Northwestern Mutual reveals that $1.46 million is the ideal savings target for retirement, up from $1.27 million last year.
America’s Average Retirement Savings, by Age →Retirement planning has undergone a seismic shift over the past few years because of a single factor: higher interest rates.
Now that interest rates are higher, should retirees try to live off of their portfolios’ yields? →Retiring at age 30 with $1 million comes with a lot of leg work and a bit of luck. It’s not impossible, but a lot of things have to go right for you.
Eric Reed on How Long Will $1 Million Bucks Last Me If I Retire at 30? →According to professionals, the most common retirement planning mistakes are time-related, like outliving savings or not understanding how inflation can affect a portfolio over time. The number one mistake? According to 49% of financial planners, its underestimating the sizeable impact inflation has on the value of retirement savings.
Charted: Top 10 Retirement Planning Mistakes from the visualcapitalist.com →6 retirement strategies that don't get talked about enough
Jason Heath: These alternative strategies can help you achieve the best retirement possible →An annuity is a type of insurance contract in which the insured (you) and the insurer (insurance firm) agree that the insurer will pay you either on a regular basis or one-time disbursements to you as a payout for your contributions. Usually, people utilize an annuity as a retirement income source.
Use our free retirement calculator to see how an annuity make get you closer to your goals →The retirement landscape can look completely different depending on what country you’re in. And charting the retirement age by country reveals a lot of differences in the the makeup of a labor force, both for economic and cultural reasons.
Exploring retirement age trends around the globe →Rob Carrick's Stress Test with Shannon Lee Simmons, a Toronto-based certified financial planner whose core clients are millennials and Gen Z, about shifting views of retirement and how you can best prepare.
Podcast: Retirement might look different for Gen Z and millennials. Here’s how to plan for it →How much money do you need to retire?
Start planning for your retirement with our free calculator →Canadians' confidence in their ability to retire on time and debt free declined between 2016 and 2022, according to a new research report released by the Canadian Public Pension Leadership Council (CPPLC).
Research shows Canadians losing confidence in their plans for retirement →The Canada Pension Plan enhancement – Businesses, individuals, and self-employed: what it means for you
How does the CPP enhancement affect you →"Guaranteed Investment Certificates (GICs) and term deposits are secured investments. This means that you get back the amount you invest at the end of your term. The key difference between a GIC and a term deposit is the length of the term. Term deposits generally have shorter terms than GICs."
Learn about the key details before buying a GIC →← Curating the web to find the most interesting and helpful information about your money.