Do I need to save money before emigrating to Canada for retirement?

First, deposit 756,000 yuan in advance.

Recently, a new survey conducted by CIBC found that Canadians believe that in or

Do I need to save money before emigrating to Canada for retirement?

First, deposit 756,000 yuan in advance.

Recently, a new survey conducted by CIBC found that Canadians believe that in order to maintain a comfortable life after retirement, they need to save 756,000 yuan in advance.

?

Among them, young people aged 18-34 think they need a deposit of 917,000 yuan, middle-aged people aged 35-54 think they need 842,000 yuan, and people over 55 think they only need a deposit of 518,000 yuan.

However, the survey found that as many as 90% people who have not retired or semi-retired have not made any formal and detailed retirement plans. 53% people don't know if their retirement savings are enough. 37% people can't save money at all, or haven't considered retirement yet.

CIBC surveyed 1523 adults from June+10/October1February to June1April in 65438, and the error rate was about 2.5%.

Canadians save an average of 65,438+084,000 yuan for retirement. Among the people surveyed, 30% said they had no savings at all, while 19% had less than 50,000 yuan when they retired.

Second, women are less aware of retirement savings than men.

JenniferHubbard, managing director of CIBC, said, "If you don't have a retirement plan, you are throwing darts in the dark. How can I live comfortably once I stop working? It is important to honestly examine your financial situation today and determine what your retirement goals and dreams are, because this will affect' retirement time' and' how much money to spend'. "

The survey found that women are less aware of saving for retirement than men, and 32% or nearly one-third of women admit that they don't know how much money they need to save to live a comfortable retirement life. Moreover, they don't seek expert advice, but rely on family or friends.

Nevertheless, Canadians still perform better than their American peers in retirement savings, because almost half of American families have no savings at all.

Third, the cost of living in Canada.

Here, let's calculate an account. The average life expectancy of Canadians is about 83 years. Suppose a Canadian can live to 83 years old, how much money does he always need from retirement to death?

Most Canadian immigrants are not just for food and clothing, so here refers to the quality of life of the middle class, which is calculated according to the fact that the middle class and the old couple live together.

Housing: 2000 yuan. No matter whether the apartment is old or new, the property management of 2000 yuan is reasonable. This is a reasonable cost-effective range.

Transportation: 500 yuan. If you have a car to go out to play, you can usually take the bus and the crown block. Including car depreciation, insurance, gas and compass card, consider it 500 yuan per month, which is very economical.

Eating and drinking: 2000 yuan. After living for most of your life, don't wronged yourself in your later years. Enjoy two meals a day outside. More red wine, beer and ice wine. Two people want to eat high food, which costs 2000 yuan.

Daily use: 200 yuan. Buying new clothes, daily necessities, telephone charges and other incidental expenses will be counted as 200 yuan.

Leisure: 500 yuan. Take a vacation twice a year, and each person spends 1000 yuan, which is 4000 yuan a year. If you play on weekends to meet some hobbies, it will be 2000 yuan a year. All converted into monthly 500 yuan.

Total expenditure: 5,200 yuan/month

Retirement age: 65 years old

83-65= 18。 In other words, everyone's average retirement life should last 18 years.

Excluding inflation, the estimated total expenditure of 18 is18 *12 * 5200 =1123200 yuan.

1 123200 yuan is a few points higher than the CIBC survey result of 756000 yuan, so it can be concluded that the survey result is basically credible.

4. What are the government's retirement benefits?

Let's look at the government's retirement benefits. How much income can it create for us? Benefits provided by the Canadian government include:

(1) OAS: The current monthly value is $578 (if you live for 40 years, you need to pay in full, otherwise it will be reduced proportionally).

(2) Guaranteed Income Grant (GIS): At present, it is about $520 per month (related to the annual household income, and it will decrease if it exceeds 23,000).

(3) Canada Pension Plan (CPP): People who have work income in Canada will receive it when they reach retirement age, and the amount depends on the previous payment amount.

For many years, the government's retirement benefits have been declining. More importantly, the pension plan provided by the government seems to be insufficient to maintain the expected living standard of retirees.

If the government's retirement benefits OAS and GIS are paid in full, it will earn about 1000 USD per month. Imagine, can a monthly pension of $ KLOC-0/000 maintain the standard of living before retirement?

People live longer and longer. ...

Due to the progress of medical care and medicine, the average life expectancy in Canada is getting longer and longer. According to statistics, the probability of 50-year-old men living to 90 years old is 24%, and the probability of 50-year-old women living to 90 years old is 37%. Therefore, it is particularly important to have a lifelong source of income.