Financial Planning Q 'n A

How much money do I need to retire? Can I retire at 55? How much money should I be saving every month towards my retirement?

A very difficult question to answer. It all depends on when you wish to retire, your lifestyle after you retire and the how long you expect to live after retirement. Most people depend upon a combination of government pension, private pension and their own retirement savings to fund their retirement. There are many unknown variables in the future which makes predicting the amount needed somewhat like looking into a crystal ball. What will inflation be in the future? What will be the return on your investments? What will your health be? Human Resources Development Canada has a calculator available to assist you based on your estimates of the above.