How big a nest egg would you need to ensure a comfortable financial future for yourself and how confident are you in your ability to save that amount? These are just a couple of the questions posed in RBC's 2019 Financial Independence in Retirement Poll. Nationally, respondents believe that $787,000 would protect their financial future and 45% were somewhat confident that they would be able to achieve this goal. Interestingly, the women polled believed they would need nearly $300,000 less than the men and were 'somewhat confident' in equal numbers.
It was encouraging to see that the number of Canadians with a financial plan was up to 54%... but 32% said that their financial plan was in their head. While thinking about your finances is a great start, I'm not sure it carries the same weight as having cash flow and net worth projections down on paper to highlight the strengths and gaps of your financial world. Looking at the responses a different way, nearly 80% of respondents do not have a formal financial plan.
To speak one-on-one about your number and to do the work that would qualify you to answer 'Yes, I have a financial plan,' please reach out to me directly here.