Boomers in the dark about their retirement needs

Advisor.ca, Bryan Borzykowski

Besides what TV program is on at noon, the big question for soon-to-be retirees is how much money they will need to survive in their golden years.

Sun Life Financial attempted to find out what Canadians think they need for retirement, and the results were surprising. About 9% of the 1,530 Canadians surveyed thought that they’d need to save just $25,000 for retirement, while an equal amount thought $1 million to $5 million would be sufficient to get them through their post-work years. Forty percent responded that they have no idea what they’ll need for retirement.

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