Good news: Your retirement savings target is lower than it was five years ago

ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountIn my last chart, I showed that the average retirement period – the time from when we retire until we die – has changed over the past 35 years. It grew steadily until 2012 and then started shrinking as Canadians retired later. This week we’ll explore how the retirement period affects our savings target – the amount we should be saving for retirement. This is relevant to Canadians who rely on their own savings to fund their retirement. I will express the savings target as a multiple of one’s final pay, before tax. This multiple varies since it depends on an individual’s income level, marital status and any mortgage payments or child-raising costs.

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