Retirement Rule of thumb - Friday June 3

The familiar rule of thumb for retirement income needs is 70% of pre-retirement income. Some financial planners think this is nonsense! They argue you need to look at your expenses and what you are actually spending today. Keep in mind that your lifestyle expenses will likely be higher in the 1st year of retirement than the 15th year. This assumes you aren't in a swank care home. A good question to ask yourself is what will my accomadation needs be in the future and how does that fit into my plan? Today is our last day on the radio so if you want to follow our latest insights check out out blog at yourlifeyourplan.ca.