Forget Freedom 55. Not even 65 is likely for most Canadians

New Stats released Jan 5, 2012  – source: TD Age of Retirement report

Canadian Stats: 

  • Assets: 53% of baby boomers (aged 47 to 64) and 62% of GenXers have less than $100,000 in household assets, not including employer pensions, life insurance policies or home equity. 16% of Canadians report having “no financial assets whatsoever.
  • Debt: 44% expect to carry some debt into retirement, including 13% who expect to retire with a “significant amount of debt

Alberta Stats

  • Assets: 51% of adults 25-64 have less than $100,000 in household financial assets, not including employers pensions, life insurance policies or home equity.  13% of Albertans report having no financial assets whatsoever.
  • Debt: More than one-third (37%) of Albertans expect to have debt when they retire; 15% say it will be a significant amount of debt.

For more info, see http://opinion.financialpost.com/2012/01/05/how-can-we-retire-at-61-with-less-than-1000000/

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