Canadians all over the map on retirement withdrawal rates
It's no secret that most Canadians are unsure how much they should be saving for retirement.
But a new study by investment firm Edward Jones suggests we may be equally clueless about how much we can safely spend once we get there.
When asked what percentage of their savings they think they can afford to withdraw every year, only one-third (32%) appeared to have any realistic spending expectations.
According to the poll, almost half (49%) of respondents thought they would need to withdraw 6% to 20% of their savings each year, a number most planners would describe as "a bit high."