People might have to work a bit longer. Either that or lower their expectations.
Quote:
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Canadians now believe they need $1.7 million in savings in order to retire, a 20 per cent increase from 2020, according to a new BMO survey.
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https://www.ctvnews.ca/business/cana...rvey-1.6262927
$1.7 million seems kind of high.
Most people have trouble making RRSP contributions so the $1.7 million seems to be a bit of a stretch. I think that most people will be counting on OAS, CPP, and some RSP to get by in retirement. A paid off house can give you a bump when you decide to downsize.
People who have a paid off house and have been keeping up with RSP contributions should come close or meet the $1.7million goal.