30% of retirees return to work to pay bills

ING has released the results of a survey they did showing that 3 out of 10 retired Canadians ended up having to return to work to pay bills.

Many retirees simply hadn’t saved enough or underestimated the cost of living.

The surveys portray a notable disconnect between Canadians’ expectations of life after the workforce and the reality of the cost.

ING Direct said that respondents wished they had found more ways to save for retirement, that they had started saving earlier and hadn’t “spent money so mindlessly.”

“The reality of retirement for many Canadians is a sobering reminder that you can’t put your financial future on the back burner,” ING Direct president and CEO Peter Aceto said in a release.

“Among the many other financial priorities we face during our prime working years, we need to make sure that retirement planning doesn’t get overlooked.”

So how are your retirement plans dear reader? Are you betting it all on a house in Vancouver?  Are you just starting out and saving and investing, or are you finding it difficult to put enough aside for your golden years?

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Stay Away From Get Cash For Surveys?
Guest
Stay Away From Get Cash For Surveys?

Thanks for the good writeup. It actually used to be a amusement account it. Look complex to far delivered agreeable from you! However, how could we keep up a correspondence?

mac
Member
mac

So no one knows how much a renter would have to have stashed away in the bank to survive Vancouver in the future for 20-35 years? Bueler? Bueler? Bueler?

cris
Guest
cris

Atomic Frog

TSX? If you brought in 2008 is you still in the hole. I could’ve win the 649 too

Many Franks
Member
Active Member

Household-debt surge merits caution, but don’t panic, Harper says

“This is your captain speaking. I would just like to personally assure each and every one of you that our plane is not on fire. That is all.”

Joe Mainlander
Guest
Joe Mainlander

@ Nom Nom Nom….good link.

“When the last bubble burst in 1997 during the Asian financial crisis, Hong Kong’s property prices fell by more than 60% and continued to decline for six years. Now, house prices are 13 times the average salary – higher than even during the last bubble.’

Wow, 60% drop and then more declines for 6 years.

NOM NOM NOM
Guest
NOM NOM NOM

I just came across this article…

http://www.bbc.co.uk/news/business-25742539

tedeastside
Member
tedeastside

Vancouver doesn’t have Stock Brokers, Merchant Bankers and Corporate Lawyers like Toronto or Calgary, Vancouver has marijuana pushers and escorts that’s all, dimwit city, and a dying city that wishes it was big

jesse
Member

” they choose to buy. you don’t have to like it, but that’s reality”

You mean people are choosing to overpay? No disagreement. My concern is that many households are conflating what they are willing to pay with what is a good financial investment. After a handful of polite conversations with homeowners, I can see how the two are easily confused.

jesse
Member

Many Franks: “Any discussion of “improved affordability” hinges on massive long-term assumptions about interest rates. Seems worth mentioning, no?”

Yes that is a big assumption. The likelihood of this actually occurring is above my ken.

There’s what I “want”, then there’s what is likely.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

“once it stops being an act of financial suicide”

lmao. u so corny.

Turkey
Guest
Turkey

@B! B! B!,

people know all this, and they choose to buy. you don’t have to like it, but that’s reality.

If my cohort wants to continue sabotaging their future for a SFH in a pretty coastal city, that’s their prerogative. It bothers me in an abstract sense, and it also has negative connotations for the local and national economies.

if the greatest economic shock since the great depression didn’t change this what will? more time? another year? another two years? another twenty years?

I do plan on buying a house one day, once it stops being an act of financial suicide. In the meantime, my net worth will continue to outpace my cohort’s. I will continue investing instead of paying a mortgage. I will be able to retire earlier, and wealthier, than my cohort.

mac
Member
mac

On the subject of retirement, can someone take a WAG on how much it takes to retire in this city, if one doesn’t own a property?

jjss
Guest
jjss
Atomic Frog
Guest
Atomic Frog

@57

Boy, have you ever heard of Dow Jones, TSX? Most rich ppl in Van make their money some where else (legit or not) and move them to Van to buy million dollar house. It is all the locals who stupidly bought into this property bubble who will suffer. The local stagnant economy will affect the locals so much more than the rich folks.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

also, stop living paycheck to paycheck and put aside some money for a down payment. and while you’re at it, stop kissing your dog on the lips.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@Turkey

people know all this, and they choose to buy. you don’t have to like it, but that’s reality. if the greatest economic shock since the great depression didn’t change this what will? more time?

another year? another two years? another twenty years?

Turkey
Guest
Turkey

@B! B! B!,

but people want to live here. so real estate is expensive. it’s not complex.

1. People who want to live here are not forced to buy: they can rent.
2. Rents have not increased to match home prices.
3. The rental discount has increased even at the lowest interest rates in living memory.

To me, this combination spells disaster. Perhaps you’d like to counter with some remarks about my lifestyle.

cris
Guest
cris

Atomic Frog.

If none of the sectors in Vancouver are doing good. Where the riches getter richer?

How to put money to work in this dare state?

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

vancouver’s economy is similar to other regional centers of similar size. their’s not mystery to it. i’m not sure why you bears don’t “get it”.

hospitals, universities, air/sea ports, law firms, accounting firms, high tech, service industry, construction, some locally grown corporations, small business.

the city certainly isn’t a economic powerhouse, but it isn’t a laggard either. it’s just average.

but people want to live here. so real estate is expensive. it’s not complex.

patriotz
Member

http://www.theglobeandmail.com/report-on-business/economy/housing/uk-house-prices-to-keep-rising-robustly-until-mid-2015-boes-carney-says/article16344601/

British house prices are likely keep rising robustly until the middle of next year as part of a broader upturn in housing market activity, Bank of England Governor Mark Carney forecast on Wednesday.

Mission accomplished. Even Greenspan and Bernanke didn’t engage in this level of pumping.

Atomic Frog
Guest
Atomic Frog
The housing sector and the junior mining sector are the principle economic drivers in Metro Vancouver. Tourism is a distant third and usually not support high paid jobs. With the junior mining sector in the ditch right now, and the housing industry in a prolonged slump, Vancouver businesses are all facing tough times. That is why the no of full time positions goes down and the no of part time positions goes up in the latest BC labor report. Couple this with a net population loss to inter-provincial migration for BC (e.g. for yr 2013), we are looking at a prolonged stagnant economic period in Metro Vancouver. In a stagnant economic cycle, the working class has no where to go but spiral its way down to become the working poor. Polarization of wealth distribution is going to happen even faster,… Read more »
patriotz
Member

@47: “As of last count, there were 3 million Canadians living permanently outside.”

The majority of them are Canadian immigrants to the US and their children.

Not to diminish the astronaut issue, but one should use appropriate numbers.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

you are totally clueless about who is buying 1 million+ houses. plenty of professional couples are buying those.

if you socialized with a better class of people you might realize that these houses are being bought by actual human beings, not ferries and boogieman.

>UBC in crisis mode:
1. Below 1 million. If you have household income of $200,000, 25% down, then you can afford it (who got $200,000 a year? 0.5% population?)
2. Above 1 million, all foreign money, in cash, bank not involved, debt is NOT a concern.

dyugle
Guest
dyugle
Debt payments determine interest rates. The relationship is quite well understood by the federal reserve. If debts are too great you can not have a low enough interest rate to stave off deflation. Thus, the federal reserve needs to take back the debt until society can support the payments on the remainder. That is why they are printing money to simply reduce the debt so that the payments become manageable. If they print too much then we will see rising inflation at which time interest rates rise and the Federal reserve tightens by raising rates even higher to head off inflation. Of course holding rates too low has the added bonus of increasing debt which increases the control that the central bankers have on the economy and makes future rate hikes more effective. Central bakers believe the “heads I win,… Read more »
Turkey
Guest
Turkey

Life and debt in B.C.: Many young people are thinking of fleeing the province to get out of hock

The article’s a lightweight, and only mentions housing in passing. I found this funny, though:

But 82 per cent of youth debtors were optimistic their financial situation would improve.

That’s the glimmer of hope? Only 82 per cent of youths who are going through bankruptcy think things are going to get better? I’d call that a failure.