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Survey: Generation-x Canadians behind on retirement savings

You may have heard it before, but it bears repeating: it is never too early to start planning your estate.

With that said, consider a recent survey indicating that 60 per cent of generation-x Canadians, those between the ages of 35 and 54, are not saving enough to meet their needs during retirement and do not expect to retire on time. Additionally, 29 per cent said they expect to be working to some extent during retirement.

The survey showed that only 38 per cent of gen-x respondents rely on their workplace pension plans to fund retirement, and more than 75 per cent of gen-x Canadians said they would encourage younger generations to start saving earlier.

While every situation is different, the factors preventing Canadians from retiring on time include daily financial obligations such as living expenses, childcare costs, mortgage or rent, and major life events such as the end of a marriage.

Whatever your circumstances may be, there are steps you can take to start planning your estate, including the making of a last will and testament. A will can clarify your wishes, as well as provide peace of mind.

If you have significant assets to consider, then do not hesitate to seek counsel from an experienced estate planning lawyer. In far too many cases, failing to take the proper estate planning steps leads to confusion and heartache among family members, as well as loss of estate assets.

For more on these matters, please see our previous post, "Prevent confusion and heartache for family members by planning your estate now."

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