This year, the United Nations increased the average Canadian life expectancy to 82.52, an .18% increase over 2019, with the average Canadian woman living to 84. Also, the gender pay gap continues to decrease. So for these two reasons, it’s important that women are proactive about their retirement plan. Saving consistently and as early as possible is also essential for building a secure future.
To get started, think about your financial needs in retirement. Depending on your situation, you may also have to factor in some financial hurdles that may have an impact on your plan. For example, you may have changes in income due to:
- Continuing your education or buying a home
- Raising a family
- Becoming a caregiver to elderly parent(s)
- Becoming self-employed
- Unforeseen work and/or economic changes (i.e. losing your job, the pandemic)
The iAquaint website is a great tool to help you navigate all these different scenarios. Provided by Canada Life for all CEIRP members, the site can be can be accessed from the Learn tab on GRSaccess. You’ll find articles, videos and useful calculators like How Much is Enough to Fund my Retirement? that will help make your retirement plan easy and sustainable.