There’s a growing concern for how well boomers are prepared for their retirement. Several studies and surveys indicate that a large number of recent retirees have not saved enough for the long retirement that’s likely in store for them. What level of savings is necessary to live comfortably during retirement will vary greatly between people.
When looking into retirement, even in the very early stages, it’s important to know where you stand. The Globe and Mail has developed a new tool to make that easier.
The Retirement Readiness Calculator is a quick and easy way to get an understanding of what you’ll need in terms of savings. It’s designed to compare your income needs in your working years with your estimated living costs after you retire. It determines you replacement ratio, which is the percentage of your working income that you’ll need in retirement.
Give the calculator a try and read more into The Globe and Mail’s helpful new tool.