Retirement income needs revised

1 May 2007
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Advisor.ca, Bryan Borzykowski

So you think your clients have enough money saved for retirement? Well, think again. According to Fidelity Investments Canada, retirees need to save enough to earn between 75% and 85% of their pre-retirement income in order to live comfortably. That’s up to 21% more than the 70% that some advisors have pegged as the earnings benchmark.

“People in retirement have higher aspirations,” says Peter Drake, Fidelity’s vice-president of retirement and economic research. “They want to travel, be involved in new activities and may well change the place they live.”

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About Stewart & Kett


Stewart & Kett Financial Advisors Inc.
911- 123 Front Street West,
Toronto, Ontario,
M5J 2M2, Canada
(Adjacent to Union Station)
Phone: (416) 362-6322
Fax: (416) 362-6302