Surprisingly, research by Statistics Canada found that people whose pre-retirement income was $70,000 or greater tended to retire on about 45 per cent of that – or around $31,500. Those who earned around the average national wage – between $40,000 and $50,000 – retired on 59 per cent of their pre-retirement income.
Most interestingly, only one in six people with a pre-retirement income of $40,000 or more had a replacement ratio of 75 per cent or more.
The Spoilers - Countries Against Early Retirement
- Britain plans to gradually raise its age of retirement at which full state pensions will kick in. By the year 2044, the U.K,'s retirement age will be 68.
- The U.S. and Germany also plan to raise their retirement age to 67.
- Italy and Belgium have already raised their age of retirement to 60
Interesting Retirement Fact
Two-thirds of Canadians retire before the full Canada Pension Plan/Quebec Pension Plan benefit age of 65, oftentimes involuntarily. What does this mean?
What Would You Do If You Could Replan Retirement? — Top Five Replies from Retirees
- Save more or save less money — 39 percent
- Take better care of their health — 29 percent
- Live closer to their children — 24 percent
- Retire earlier — 23 percent
- Get involved in more hobbies — 21 percent