Canadians Think You Need A Milli Just to Chill in Retirement 💸👵
Canadians believe they need $1 million to retire comfortably: report. Canadians are stressing about retirement, saying you need a whole $1 million just to vibe comfortably. Turns out, adulting is hard, and inflation is a real menace. People are low-key scared they gotta work forever.
TL:DR
Canadians are stressing about retirement, saying you need a whole $1 million just to vibe comfortably. Turns out, adulting is hard, and inflation is a real menace. People are low-key scared they gotta work forever.
The Tea Spill
Okay, so boom. Turns out, Canadians are stressing HARD about retirement. A recent report dropped, and the main takeaway is this: you basically need a milli (that's a million, for the uninitiated) just to kick back and relax when you're old. Like, seriously?
The survey, which hit up 2,000 Canadians, found that like, 88% of people think retirement is way more complicated now than it was back in the day. No duh. And get this, if you're 45 or older, you're probably thinking you need over a MILLION DOLLARS (like $1,020,000, to be exact). That's a whole lotta maple syrup, fam. Back in '05, they thought they only needed like, $447,000, which is still a lot, but nowhere near a milli. Inflation is wilding.
While 81% of retirees are vibing and feeling good, only 59% of those who haven't retired yet are feeling the same way. Major mood killer. Most people see retirement as a chance to do some flexible work or chase their passions (aka side hustles), which is kinda fire, tbh. But the main stressors? Inflation, world politics (yikes), and a shaky economy. Big yikes.
Because everything is so expensive these days, almost half of pre-retirees (46%) are thinking about pushing back their retirement date. The average retirement age has already crept up from 61 to 65 since 2005. Only a small percentage of folks (26%) are planning on dipping before they hit 65. That's rough, buddy.
Here's the real kicker: if you got a financial advisor and a solid plan, you're probably feeling way more chill about retirement. But if you're a woman or weren't born in Canada, you might be side-eyeing retirement a little harder.
Basically, the moral of the story is: start saving early, maybe invest in crypto (jk... unless?), and manifest that bag so you can actually enjoy your golden years. No cap.
Abbreviations Glossary
| Abbreviation | Full Form |
|---|---|
| Milli | Million |
| Vibing | Feeling good, enjoying oneself |
| No duh | Obviously |
| Fire | Really good, awesome |
| Inflation is Wilding | Inflation is out of control. |
| Big yikes | Used to express strong discomfort or disapproval. |
| No cap | No lie, for real |
| Side-eyeing | Looking at something with suspicion or distrust. |
| Adulting | The practice of behaving in a way characteristic of responsible adults. |
| stressing HARD | To be overwhelmingly worried, pressured, or anxious. |
| The bag | A large amount of money. |
| The tea spill | The gossip or news. |
| That's rough, buddy | Expressing sympathy for a negative or unpleasant situation. |