How do your expenses compare to the national index?
If you have kids in private school, a mortgage on the cottage and a car loan that you would like to see reimbursed quickly, you might find it difficult to save extra money for retirement or your other future needs.
Unless you inherit a large sum of money or otherwise sell your lucrative business, statistics show that we need to save at least 10% of our gross salary every year if we wish to maintain the same financial comfort at retirement than we had previously.
Of course, a proper retirement plan will allow you to take into account your personal situation and specific needs, and to determine what your "Golden Years" might be like.
Every year, the government publishes an index of the average revenues and expenses of Canadians. You can download a copy below, pick the tab that is more in line with your current situation, enter your personal information and then compare your numbers with those of the average citizen.
This should be a useful exercise in order to determine if there are ways for you to increase your savings…or maybe, you should spend more!
Please do not hesitate to contact me if you would like to get a retirement plan done according to your specific needs, at your earliest convenience.
Click here to download the expense national index |