I recently sat down with Mercer principal and actuary Malcolm Hamilton to talk about financial independence and how it relates to retirement. As most MoneySense readers may be aware, Malcolm is perhaps Canada’s most articulate expert on pensions and retirement and is often quoted in the magazine and other media outlets.
Over the coming weeks, we’ll be posting in this space short audio clips from the interview. The first one below deals with the eternal question of whether Canadians are saving enough for a comfortable retirement or indeed whether some may be saving too much.
For years, Canadians have been told they’ll need to replace roughly 70% of their pre-retirement income in order to maintain their standard of living long after they’ve left the working world. But recently, some experts have begun to challenge that conventional wisdom.
Q: Are Canadians saving too much for retirement?
A: Press play to hear Hamilton’s response: