Retirement

Defined benefit pensions have been in decline over the past two decades in favour of the defined contribution plan, where plan membership has doubled over the same time period.

The defined benefit plan (commonly referred to as a “gold-plated pension”) has been on the decline over the last two decades, but it still represents a fairly large sample of the Canadian work force.

I’ve found that there are several different types of senior care facilities depending on what is required.

I recently came across a savings calculator that determines how much you need to save to provide an income after retirement. I was quite horrified to discover that I need to put away approximately $3600 per month in order to have a lump sum large enough to provide me with an annual retirement income of $40,000.

When you prepare a long-term financial plan for your retirement or a child’s education fund, a 2 – 3% inflation rate is factored into the total.