SAVING FOR RETIREMENT?
Jan 22, 2022
In 2015 BMO wealth management conducted a study that found retired Canadians spend on average $28,800 per year. Adjusted for inflation, that number is $32,000 per year in 2021. Simply put, that means if you retire at age 65 and live to 90, you will need $800,000.
Assuming a 6% annual rate of return, here’s how much you would have to save every month to achieve $800,000 by age 65.
As you can see the POWER OF COMPOUND GROWTH is real!
Start early because…It’s NOT TIMING the market…. It’s TIME IN the market!