Boomers reluctantly adjust retirement plans
More than 50 percent of households are 'at risk' of being financially unprepared for retirement and the picture is even worse when accounting for health care, according to the most recent findings by the Center for Retirement Research at Boston College.
Forty percent of workers approaching retirement now expect to quit work later than they did before the market downturn, the CRR reports. Most of these intend to delay retirement by at least four years.
Many potential retirees are also cutting back on necessities, according to a recent survey by AARP. 17% said they are reducing medications. 8% have taken on a second job, while 19% have increased the number of hours they work.
Discretionary expenses are also under scrutiny – 55% are postponing travel, while 68% are reducing spending on entertainment, AARP reports. In short, they're strapped and don't see things getting much better anytime soon.
That's why many budget conscious retirees are seeking alternative post-work nests in places like Mexico, according to a report by the International Community Foundation.
Almost half the U.S. retirees living in coastal areas are getting by comfortably on less than $1,000 a month, the ICF maintains, which is roughly half of what it would take across the border in neighbouring California.
Affordability, quality of life, weather, and proximity to the United States were top reasons retirees chose Mexico, according to the foundation report.
Visiting a country on vacation isn't the same as retiring there, of course. A lot of Canadians who retire outside Canada full-time are surprised by the cultural isolation they experience. But it clearly works for some.
Do you feel that your retirement is in jeopardy? Would retiring in Mexico even be on your radar screen?
By Gordon Powers, MSN Money
Posted by: Robert | May 12, 2021 8:39:21 AM
This country SUCKS!
The cost of living here is way to much!
The taxe's we pay are way to high! an average of 42% of our income and the goverment don't give a dam about the average person! they get great pay, job security and a great pension after only 6 YEARS!!
They hope that when a person turns 65 and ready to retire atfer working their whole life that when they are blowing out their birthday candles on their cake that they drop dead right their of a heart attack!!
This way they don't have to pay them their crappy Canada pension!
They just get to keep it!
Posted by: Anne | May 12, 2021 7:38:19 PM
I agree. Our country is day by day looking more like a dictatorship rather than a democracy. The government scandals on irresponsable and unaccountable spending of taxpayers money would be cause for rioting in the streets in some other countries. It outrages the canadian taxpayer but nothing comes of it and there is soon another scandal causing the one before it to fade into the background. Have we become likened to a flock of sheep? (color me guilty, I complain too, but feel helpless to do anything about it). Trust me, when the 50% of the population they discuss in this article have to retire with not enough to live on, our government will NOT be there for us, even tho they have put over 40% of your lifes earnings in thier bank account. Life's a bitch and then you die.
Posted by: Trent Jeffries | May 12, 2021 8:53:28 PM
We can thank Trudeau and the band of Liberal bandits that have followed him in the last 35 years. The dictatorship mentality has stuck with either party that has "governed" us since tha time. The quality of life for senior's has done nothing but decline and I mean drastically. The lifestyle is going to deteriate even more as time goes on. The most burdened and stresed out age group is the 50 year olds as they try help their parents manage financially and also helping their children get started as well. This is a very frightening situation the Liberals have put us in as it has gone on too long and is irreversable without the country going bankrupt. With all these financial burdens hanging over this country, why are we sending billions to other countries while cutting our health care , education and funding for seniors? Going to Mexico isnt much of a solution as Revenue Canada will be chasing you there as well!! Government pensions should be scrapped immediately an immigration stopped until we have zero unemployment !! Get ready Canada!! We will be bankrupt like the European countries very soon unless we get rid of the left wing party's. We carry the most household debt ofany of the 20 developed countries. Scary!!
Posted by: Donald | May 12, 2021 9:31:33 PM
As long as our politicians,Conservative,Liberal,New Democratic or whomever insist on sending our hard earned tax monies to fight religious wars in Afganistan or wherever,support Africa to the tune of billions of dollars a year,Hati with multi millions and worry more about contraception and mothers health in Africa and other countries we had better get used to it or hope that a political party comes along that cares about Canadians and Canada first.Only with a party that truly cares obout Canadians and the future of Canada long term and letting Canadians donate to these causes by virtue of tax deductions instead of dictaorship will Canada survive as we know it today.I am sick of watching the politicians in the House of Commons fight more about how to send monies out of this country than try to keep our money in it and then blame Canadian workers for not putting enough money away for retirement.
Posted by: burt reynolds | May 12, 2021 9:33:20 PM
There are a lot of immigrant seniors who have not worked a day in canada but receive old age pension and gains. this is definitely not right for the other old retirees having worked all those years. immigrants are getting their parents over here via immigration , and after a few years are applying for benefits as a senior and getting them. I have a personal relative who never worked here but spent the alotted years and have been collecting ever since ..very unfair , but that's our social system for you ...
Posted by: Clay Williams | May 12, 2021 9:54:22 PM
Well, can you imagine my surprise to hear this. Taxed to the nines to make sure every down trodden country and every dissaster struck nation be showered with aid and the blood of our young sons and daughters. We are a large country in area, with resourses, this is no doubt. But we have a very small population for the area. Some how our illustrious leader feel we must carry on in the fashion of the world war years. Give more than the rest of the world, that is what we do. Well, I am here to tell you that I am about done with this mentality. Why do you suppose we have to borrow money to buy everything?? It doesnt take a down town accountant to tell you. We are paying for the rest of the world. It can be said that we have so much to give, but we have to borrow to give it. Enough already!! Let us take care of our own for a while. The veterans of the wars, especially our new vets.
They are probably in worse shape than the Vietnam vets because the culture shock is unimaginable.
Close the borders to immigration for a while. Let our children not have to compete with special interest groups for jobs or university placement. Let us who are trying to save money for retirement can do so with out the stigma that we are poor at money management when the truth is we have to send so much money to Ottawa we will be eating cat food in later years. I for one am looking for a leader who has the fortitude to be for this countrys people.
Afganastan be damned, bring our people home.
Posted by: Beau | May 12, 2021 11:33:13 PM
We use to live in a great country (CANADA) & I was A PROUD CANADIAN, now we live in dictatorship in a Burucrate society. Our lives have been taken over by our so called government (leaches) that control our every move - our money (that all real CANADIANS work hard for). Leading us like cattle to slotter. We should be taking care of our own instead of shelling out our hard earned money to other countrys (Quit playing RISK, with our lives).GST - TAX - Revenue - Land Tax - Revenue... TAX TAX TAX, when does it all end & who wins at the end, not the reguler people But the money grabing Government & Thanks to Trudeau - the All mighty voting Immagrints he allowed into our country that & giving them monies to start thier own business', homes- first in line at the manpower offices. What about our homeless - our starving - our unemployed - our COUNTRY. I'm sick of all the crap that has been building up for a big disaster to fill so many governments pockets & put the blame on the people like you & I. Next the Aboriganal's will be paying tax just like everyone else, there will be no happy medium for any of us tredging through the mud up hill to "what" more DICTATORSHIP. Our LIFES are not a game of risk!!! or TAXES. I thank you for this vent, if I knew my taxes where going to OUR COUNTRY "CANADA" I'd be a proud CANADIAN again, But I think it's just a fantasy - I'll just die knowing my death taxes are paid in advance so as not to leave the burden onto my children. Lol - what a concept........
Posted by: jess4lukin | May 15, 2021 3:40:12 AM
I have to agree. The "economic advisor" who pitched the whole idea of "deficit financing" to our government should be jailed along with the politicians who bought in to the concept. Which, of course, means all of them.
Here's another brilliant idea nobody wants you to know...the government budgetting process. Right now, federally, provincially AND municipally, government departments plan and calculate the costs of all the projects they will do over the future years (usually a five year plan, adjusted annually.
These plans are reviewed by cabinet/parliament/Dep't of Finance and so on. Then, priorities are assigned and the projects are approverd.
ONLY THEN, does anybody ask how the country will pay for these projects. Oh! Not enough money? Well, we'll just borrow some. It'll only increase the the deficit by another fifteen billion. Increase the GST/HST.
Here's a great idea. Make them do what we - you and I - have to do. Start with how much you have to work with. Pay the bills and necessities first. THEN, if there's anything left, take the kids to McDonald's for their monthly treat.
I'm fed up with our political masters too. They are no longer in touch with reality or the general population of voters. When are they going to show some responsibility...or even common sense?
When they give an election and nobody comes?
Uh... Maybe that's not a good idea. They probably see elections as unecessary anyhow.
Me, I think elections nowadays are just plain futile.
Posted by: janiemac | May 18, 2021 3:45:09 PM
As a boomer and a human being I can't believe what I am reading. You all complain about your taxes and government handouts. We live in just about the richest country in the world. We have so much compared to 2/3 of the world. We are living in tough times right now but I still have a roof over my head, a job, all the electronics I want and a full belly. These tough times, I might remind you were created by out of control capitalism and who does the most growling about taxes, big business that's who. This must be some right wing discussion group. The guy who hates Trudeau so much, do you hate your health care? How about those pensions and child tax credits? If my memory serves me well it wasn't the regressive conservatives who brought those to our country.
Posted by: r ramjet | Jun 12, 2021 4:22:03 PM
"right wing discussion group"???????
why, whatever are you talking about???
no one is supposed to know!