[Newsbot]

Title: Former Bank of Canada boss urges focus on personal savings for retirement
Category: lifestyle
Posted By: bootlegga
Date: 2010-03-19 12:23:22
Canadian

[Robair]

I've foolishly squandered my money on food and shelter.

[andyt]

Isn't this the guy who just started collecting his cushy govt pension at age 55?

[Proculation]

andyt wrote:

Isn't this the guy who just started collecting his cushy govt pension at age 55?

Is that an argument against personal savings for retirement ?

[Choban]

Robair wrote:

I've foolishly squandered my money on food and shelter.

Gas and clothing for my children, after bills I'm sure I don't have 20% of my income to put away. Welcome to Wal-Mart, need a cart?

[Proculation]

I try to put away about 500$/mo at least in a savings account for things that could happened. That's not a lot but that's a little something.

[Faye]

I wish I had 500 dollars to save. I mean, I do save, but for the RESP and RRSP.

[Bruce_the_vii]

I don't know what Dodge is talking about. Fairly plainly pensions, actually the lack of pensions, is a Taboo subject in Canada.

[Toro]

He's absolutely correct. Most Canadians do not save enough for their retirement.

[commanderkai]

And, if you're not able to save, AT least have some small but constant income to sustain yourself. Rental properties, investments, something.

[andyt]

commanderkai wrote:

And, if you're not able to save, AT least have some small but constant income to sustain yourself. Rental properties, investments, something.

In BC the minimum wage is $8, and plenty of people don't make much more than that. And you want them to have investments? The median wage has not increased in years, while costs continue to go up, especially housing. It's takes a huge wack of people's wages just to buy one house, if interests rates go up, they'll go under, yet you want them to buy rental property? Wow.