What does your retirement plan look like?

Interesting article.

I would expect that we all fall into a majority of the categories from time to time. I certainly haven't ever totally considered not working until I retire but who even wants to be that fatalistic.

On the other hand my retirement fund will likely be sufficient at 40 to retire (certainly I have plans to work to 60ish but probably after 40 it will just be for my own enjoyment and as a legacy for my children). I find that in many ways saving has come much faster than I thought it would.

For me it has been about setting goals. At 25 when I truly started my career I sat down and set a list of goals to meet at 35. I find with those in mind I have actually completed them at 32. This has lead now to a goal of self sufficiency at 40 (ie I and my wife wouldn't have to work another day for the next 50 years after that if we choose not to). I think it will be completely possible and look forward to the next 8 years.

For me it seems strange when people say their retirement plan is CPP and OAS etc. I currently count them as $0 in my retirement plan. Any dollar I get from them will be a shock. Why would you literally bet your life on a plan that might change in the next 30 years? Why would you spend every dollar you make? Alternatively why would you choose to work at a job that won't pay enough for retirement? I find its a combination of knowing how to save, knowing how to invest, and maximizing your self worth. We have friends that work for peanuts and are unhappy with their jobs but continue to do it anyways. I'll never understand why they don't find something that pays well and satisfys them.

not all of us have high paying jobs like CEOs for banks. knowing how to invest is important but look what happened back in 2008 alot of the investments hit rock bottom and many people lost much on their savings on investments...
look at what the banks pay on GICs and RSPs lucky to get 1percent so how is anyone ever going to make any interest on their savings..Those that have high paying jobs will be fine but what happens to the other half..
Then you have the next generation that cannot save because the high cost of living nothing for return on their money..mortgages that have been taken out for 20-25years they will be into their 60s and still paying on a mortgage when it is time to retire..
Perhaps people are unhappy with their jobs but you just don't step into a job that pays 100,000 or more a year sometimes it is not that easy to find one. Look at all the students coming out of Universities and Colleges that now have debt up to probably 50,000.00 or more, cannot find a job then go back to school to take something else..because what they have taken cannot find a job in that area.
For those that might have to go into a long term care centre you better save because in the next 10 years you will never afford to live in one, the way the cost is going up, 26,000.00 a year will keep you comfortable but wait for more increases. I guess will be start to find all those high paying jobs out there.

" As North America shifts from a society of shared risk to one of personal responsibility ....". This statement should be discussed in depth. First who asked us if we wanted to make this shift? Second who benefits most from this shift? Third is it possible given the level of personal debt, reduced wages and financial instability for an average person to manage all this complexity that is beyond their control?

If we fail to have this discussion we are passively accepting a doctrine that is unlikely to benefit most of us. Humans are group animals. Our major successes result from group action. Humanity has always been based on shared risk. The present economic/social experiment has already shown itself to be a failure (2008 and its aftermath). Why do we continue down path?

A relentless campaign of propaganda is the answer. It has been ongoing for over 30 years in North America - Big government bad big business good, taxes bad tax cuts good, sharing bad greed good and so on. The fact that it has not born fruit for anyone but the rich and greedy is ignored. We are basing our future on a model that has already failed most of us.

To John Gaul, Ditto

People should recognize this recent shift to personal responsibility as oppossed to a collective sharing is contrary to any successes we have ever had a as people.

Philosophically I would like to live in a society that provides the individual with security after working their whole lives without having to hire a financial planner.

There are many reasons for this shift such as corporate influence(especially in the media),NAFTA(Not a free trade agreement, more accurate a protection mechanism for corportations), and Banking lobbyists that in the 1970s somehow convinced government that it is better to borrow money from private banking institutions as oppossed to using our own under utilized Central Bank of Canada. Since that shift in the 1970s our national debt has risen exponentialy. What is important about the latter problem is that many people do not understand how money is actually created.

I recognize the unfairness in our present system and made the right decisions to secure my future(lived within my means). I am an elevator mechanic 54 years old and will be retiring next year mortgage free(built my own house).
What about people that make half the wage I do, can they attain the same standard of living I have? I think not.
Are they less deserving? I think not.
Am I more deserving? I think not.
Do I work harder? I think not.
Our present financial system is inherently unfair to those who do not have money, not always their own fault but rather a result of the mechanics of our system.
Recognize the ever increasing divide between the very rich and the very poor.

To those interested Financial Planning 101:
Live within your means.

Gordon Powers do you think this shift to personal responsibility for retirement is good or bad for society as a whole?

it is as it has always been.if you tinker with a social program (ie;medicare, old age security,public utilities,etc.) enough you can damage them enough that they cease to work as they were meant to and it makes it easier for right wing ideology to dismantle and sell to there buddys in the corporate world.

Hmmm.

Its a tough world out there. As an individual you have a RESPONSIBILITY to look after yourself. I consider it nice if somebody else is willing to help but in the end the buck stops with you. If you find that too "complex" (as the guy above) then have every expectation that the world is going to kick you repeatedly. It doesn't have to be that way. Good paying jobs are available. They just take time and planning to get. I can say if you never go for them you certainly wont get them.

Collective shared purpose is a great system, in a family setting (the root of its design). Each gives according to ability and each takes according to need. The issue becomes when the people dont know each other. Here unfortunately human nature intervenes. A sizeable percentage of people will thwart the collective good by stealing. So many infact, that the system will inevitably fail. See Soviet Russia, see Cuba, etc. Personally responsilibity removes this issue by rewarding individuals for work/effort and not from entitlement (the collective share purpose).

So basically we can go with the current capitalist system (definately not ideal but better than anything else) or we can go collective shared purpose, have 20 good years and then move into caves as society totally melts down. Pretty easy choice.

Currently, jobs are not given out based on work/effort. If you know someone in the industry you would like to get into, you will have a job. I work in oil and gas in Alberta, the strongest economy in Canada. I am a new grad and of myself and my peers, the only ones that have jobs are the ones that have parents or connections in the business. Luckily, I was one of them, otherwise I would not have the good paying job I now have. Not to say that I haven't worked hard; however, there are other people that have worked hard, that don't even have their resume read because companies hire who they know.

Western Guy, you seem to be making the assumption that every person has had the abillity to attend university, pick up a trade, or get other forms of education. If you don't have that, finding a better paying job IS hard. And being able to save IS nearly impossible.

My generation seems to get slammed for being lazy and entitled. In terms of retirement, I think our generation will be just fine. We will benefit from all of the advertisements and awareness that has been shed on this topic. I do believe that most people will begin thinking about their retirement earlier.