Whether it is preparing to pay off a loan or eyeing up a potential vacation, saving money is a tough task. Far too often our immediate financial needs and wants take precedence, while our poor old savings accounts have to take a back seat. During 2018, the average Canadian household savings rate currently hovers at roughly 4.4%1.
If you have woken up in the middle of the night to a money-related panic attack, do not worry - you are not alone. It is natural for us to worry about our financial situation as it dictates so many facets of our everyday life. Nevertheless, financial stress is a big deal and needs to be addressed.
These are the obstacles we all face in trying to achieve our financial goals:
Until recently, many retirees have been able to rely upon the three-legged stool of retirement income sources: a defined benefit pension plan that guarantees a lifetime income, their own savings, and the Canada Pension Plan.