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Here's How Much 35-Year-Old Canadians Need Now to Retire at 65


Published on 2025-01-06 21:41:08 - MSN
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  • The TFSA can be the perfect place to grow your retirement income, and if you're 35, here's how much you should have. The post Here's How Much 35-Year-Old Canadians Need Now to Retire at 65 appeared first on The Motley Fool Canada.

The article from MSN discusses the financial planning required for a 35-year-old Canadian to retire comfortably at age 65. According to the calculations by financial planner Jason Heath, a 35-year-old would need to save approximately $1.7 million by the time they retire to maintain a comfortable lifestyle. This figure accounts for inflation, expected rates of return on investments, and assumes a retirement income that would replace about 70% of their pre-retirement income. The article highlights the challenges of saving such a large sum, including the impact of inflation, potential changes in government benefits like the Canada Pension Plan (CPP), and the need for disciplined saving and investing strategies. It also touches on the importance of starting to save early due to the power of compound interest, and the potential adjustments one might need to make in their lifestyle or retirement expectations if they fall behind on their savings goals.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/money/other/here-s-how-much-35-year-old-canadians-need-now-to-retire-at-65/ar-AA1x4Bon ]