Many Canadians saving for their retirement are having difficult gauging exactly how much money their golden years will require, according to The Toronto Star.
While some financial institutions suggest replacing 80% of your pre-retirement income others see 50% as a more realistic amount. Managing on half of your net income becomes even more feasible if you’ve taken care of any outstanding debts or mortgages before you retire.
Maintaining a comfortable standard of living on such a seemingly small amount will come down to a positive attitude. Retirees who are open to change and willing to adapt to modified circumstances will fare much better.