Written by Andrew Button at The Motley Fool Canada
Have you ever wondered how your retirement savings stack up compared to others in your age group?
It’s a good question to ask. Although your actual retirement needs are personal and absolute, it doesn’t hurt to know how you stack up compared to your peers. This information can tell you whether you’re saving as high a percentage of your income as you ought to be. If you’re doing well compared to the average, you have a reason to be optimistic, even if your amount isn’t quite what it needs to be.
65 years old is a pretty common age for Canadians to retire. It’s when you are presumed to start taking your Canada Pension Plan (CPP) — though you can take it at any time between 60 and 70 inclusive. Also, it’s just a few years before the age at which Registered Retirement Savings Plan (RRSP)/Registered Retirement Income Fund withdrawals become…
