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= IB MONEY MATTERS -HOW MUCH MONEY DO YOU REALLY NEED T0 RETIRE? nicle | Thursday, April 27, 5 HERE ARE THE FACTORS YOU E SHOULD CONSIDER SRIVINDHYA KOLLURU Here's some good news: Most people may not need to hit the $1 million mark in savings to retire comfort- ably. But it depends on many factors, financial ex- perts say. According to a recent BMO survey, Canadians think they need a stagger- ing $1.7 million in savings to retire, a 20 per centjump from 2020. Financial ex- perts agree that while you don't necessarily need sev- io retire, the idea of needing a magic dollar figure to retire has shifted. That's good news, considering more than 50 per cent of Canadians don't know what their big retire- ment number is, according to the same BMO survey. So how to calculate just ow much you need to re- tire? Like a lot of financial advice, Jason aging director at Objective cial Partners, says hierer it depends. "I wish I could say retirement plan- ning is as easy as, say, 'save a million dollars or invest 10 per cent of your salary, and you're going to be fine.’ For instance, a teacher or someone who works for acompany that offers a de- fined benefit pension plan may not need to save any extra money in their RRSP or TFSA at all, explains ith. A common rule of thumbis that you'll need 70 per cent of your current doesn't take into account that your costs could be off and the kids have likely left home. Potential health issues and whether you will have a mortgage or financially dependent children going into retirement may also affect your required in- come. Factors like these make so-called magic re- tirement numbers or tradi- tional savings rules irrele- vant fer most people, ex- plains Heath. ne bling Dabu, head of Wealth Distribution and # spime to Plan, He > Nursery) ala PLANT A TREE TODAY, BREATHE EASIER TOMORROW H. IARDY, LOCALLY GROWI Fruit Trees, Shade & Evergreen Trees, Black, Emerald Cedars Blueberries, Raspberries & Grapes Flowering Shrubs & Pyramid Evergreens ie Spruce Tree Sale 2-12’, from *19.99 Ma ’-20', from ‘99.99 prult Trees: Apples, Peaches, “Apricots from $49.99 joods 1 from $14.99 from $54.99 J Maples 3-8" from $59.99 waterloochronicle.ca Hanging Baskets SEEDLINGS-Spruce, Norway spruce, Cedar and Balsam Fir a Trees & Topgrafted & Spirals 15 & Pest Control Product foses, Annuals & Grasses RETAIL «WHOLESALE SONTRACEING: TRUCK DELIVERY & PLANTING SERVICES Mckenna pelenton illustration Generally, you will need about 70 per cent of your current salary to live a similar lit retirement, ‘ts. Your costs, however, might be factored in when caleueting how much you need to retire. Advisory Services at BMO Private Wealth, agrees, adding that it's important for people to know how much money they spend now. She recommends Ca- nadians do this by catego- ‘ing their spending into three categories: Needs, wants and wishes. Then ask yourself: What might tat Jook like in retire- ment an example, you may not need two cars in retirement, but you may be events," explains Dabu. The bottom line? "Re- Peak service is better than? pga pricing y, WERE YOU i PEAK CHARGES DURING THE HOLIDAY RUSH? YOU DIDN'T HAVE TO BE. service for final-mile di lower in retirement and these should be tirement planning needs to be personalized," explains Heath. "You need to look at there and just try to assess how you're doing on your own or with the help of pro- fessional or online sources." provide cost-effective, premium Indeed, with over 15,000 drivers and 14 depots, our network is always ready for next-day delivery even with increased volumes. Join some of Canada’s largest companies who rely on us for their ecommerce delivery. Get a quote today: metrolandparcelservices.ca PARCEL SERVICES SCAN FOR INFORMATION