If You Are Saving For Your Old Age You Might Be Saving Too Much

saving for retiringWhen I tell people that their retirement income target may not be as high as they thought, a common response is, “Yeah, well what about long-term care?” Everyone has an anecdote, perhaps involving an aunt or the parent of a friend, who needed extensive, round-the-clock care at the end of their lives and ended up burning through half a million dollars or more. If we take a closer look at the facts, however, we find that the reality is not quite so daunting.  Read More…

This article has 8 Comments

  1. Monty B

    Nah, i am proud that i've been saving since i was 23. We have a nice nest egg (high 6 figures). I think not saving (and investing) is crazy.

  2. Cason B.

    Will the Liberal Party be tackling this? Will this be covered federally?

  3. Gareth H.

    Wow i am more impressed at the cost to keep them comfy! I wonder what the costs are if they just retire to another country.

  4. Keelan L

    Still havent even begun to save and i'm 45 🙁

  5. Elliott Gillham

    Here's what i want to know. If i am putting too much then where exactly do i put it into. The article didnt go into much detail. I figure high interest investments? But which?

  6. Colin T.

    Long-term care issues will always be here but i agree we may be putting to much into it when clearly the charts show its not necessary until advanced ages.

  7. Travis Salter

    Lol! There's always credit card debt. I know a co-worker who won $250k from Ontario lotto 649 and had to fork over $100k due to debt. She only ended up with $80k remaining. Yikes!

    What is more interesting is that she could carry that kind of debt for so long. In short, use your credit card as your retirement since they dont come after you.

  8. Kaci

    Yes, my family is very aware of this. I've had several elderly family members deal with LTC and one of the big advice they've given me is don't over save. Glad to see a writeup confirming this

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