According to the most recent Canadian income survey, in the reference year 2022 the median retirement income after taxes was $2,800 per month ($33,600 per year) for single people and $6,183 per month ($74,200 per year) for couples*.
This data, combined with the recent effects of inflation, raises an important question: are your clients’ retirement plans still viable? Rising costs have an indisputable effect on your clients’ current and future purchasing power, but they can act now to adapt their savings strategy.
Address your clients’ top three retirement concerns
Our Retirement Journey Support Guide contains a checklist which suggests different approaches for discussing these concerns with your clients.
Whether you’re drawing up a retirement plan or holding a follow-up meeting, be sure to address your clients’ three key retirement concerns. These concerns arise from certain risks your clients may face and which could affect the quality of life they foresee in retirement:
- Inflation
- Longevity
- Critical illness
*Note that these are data for single seniors and seniors’ families.
