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MILLIONS OF CANADIANS HEADED FOR 'TROUBLE' IN RETIREMENT: CIBC REPORT

 

 

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Millions of Canadians who are dreaming of spending their retirement soaking up the sun in an exotic getaway might have to rein in their expectations, a new CIBC study warns.

 

The report, issued this week by deputy chief economist Benjamin Tal, says about 5.8 million working-age Canadians can expect to see a 20 per cent drop in their living standards after they retire.

 

Responding to a debate sparked by Finance Minister Joe Oliver's announcement last week that the government would consider expanding voluntary Canadian Pension Plan contributions, Tal said that change to the current system is "essential.

 

http://www.ctvnews.ca/canada/m...ibc-report-1.2403317

 

* Savings is a way to spend money without any pleasure. Save mindlessly and spend consciously today and you'll be stress free financially when you retire.

 

* Don't say you don't get useful tips on GNI.

 

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