Five ways to find out if you can afford to retire

Financial Post | Business

About a third of Canadians expect to delay their retirement and continue working during retirement because they don’t have enough savings, a BMO Retirement Institute report says.

If you’re fantasizing about fleeing to a life of leisure but you’re nervous about your long-term financial stability, here’s how to find out if you’re ready to retire.

Figure out how the government is going to support you. Visit the Government of Canada’s website to find out how much you will receive from the Canada Pension Plan and Old Age Security if you retire at a certain date.

“The full measure of that for two people comes to about $30,000 a year per couple if you’ve resided in and worked in Canada for 40 years,” says Lise Andreana, a certified financial planner based in Niagara-on-the-Lake.

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Determine what will be available from your employer. Your employer may have a pension plan or…

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