Originally posted on Financial Post | Business:
[np_storybar title="Test your financial savvy: Take our survey" link="http://business.financialpost.com/2012/11/16/test-your-financial-savvy-take-our-survey"]How did you do? The Investor Education Fund says you need a score of 60% or better to pass. In a poll this week of 1,000 Ontarians, 36% received a passing grade. [/np_storybar]
If Canadians don’t get a grip on growing gaps in retirement planning, we are quickly approaching a time when life after work for a large swathe of the population will mean some serious lifestyle downgrades.
The generally accepted target is to replace 60% to 70% of our working incomes in retirement. Some are already missing that goal and are faced with the loss of the cars, homes and travel that had been financed by their 9-to-5 income. And things are getting worse, says Craig Alexander, senior vice-president and chief economist at Toronto-Dominion Bank.