{"id":16072,"date":"2019-07-21T13:08:45","date_gmt":"2019-07-21T17:08:45","guid":{"rendered":"https:\/\/insurance-journal.ca\/article\/many-boomers-worried-about-insufficient-retirement-savings\/"},"modified":"2019-07-21T13:08:45","modified_gmt":"2019-07-21T17:08:45","slug":"many-boomers-worried-about-insufficient-retirement-savings","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/07\/21\/many-boomers-worried-about-insufficient-retirement-savings\/","title":{"rendered":"Many boomers worried about insufficient retirement savings"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"http:\/\/insurance-journal.ca\/media\/photologue\/photos\/retirement_planning_written.png\" class=\"ff-og-image-inserted\"><\/div>\n<p>Regardless of their personal wealth, Canadian Boomers who are not yet retired share the same concern \u2013 that they haven&#8217;t saved enough money, according to the <strong>RBC <\/strong><em>Retirement Myths &amp; Realities<\/em> poll, conducted by <strong>Ipsos<\/strong>.<\/p>\n<p>The poll also found that Boomers\u2019 savings goals varied widely. On average, those with investable assets of $100,000 or more were aiming to save $949,000 and are falling short by $275,000. Meanwhile, those with investable assets of less than $100,000 hope to save, on average, $574,000 and are more than $500,000 away from their goal.<\/p>\n<p>The poll revealed that not-yet-retired Boomers are looking at various options to increase their retirement income, including: downsizing their home or moving (52%); working in retirement (41%); borrowing against home equity ( 25%); relying on an expected inheritance (21%) and hoping to win the lottery (3%).<\/p>\n<p>&#8220;No-one should be relying on an inheritance or a lottery win. We also don&#8217;t want anyone feeling discouraged by unrealistic savings goals or thinking they don&#8217;t have enough time. Concerns like these can be overcome by taking control of your finances,&#8221; says <strong>Rick Lowes<\/strong>, Vice-President, Retirement Strategy, RBC. &#8220;There could be some tough choices ahead. A half-hour conversation with a financial planner can help you get started and shape your retirement plans to make a real difference to your financial future.&#8221;<\/p>\n<p> <a href=\"https:\/\/insurance-journal.ca\/article\/many-boomers-worried-about-insufficient-retirement-savings\/\">Read the original article at insurance-journal.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regardless of their personal wealth, Canadian Boomers who are not yet retired share the same concern \u2013 that they haven&#8217;t saved enough money, according to the RBC Retirement Myths &amp; Realities poll, conducted by&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16072"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16072"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16072\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}