Are You Saving for Retirement Canada? Check the Numbers!

As 2011 is the onset of 9 million Canadian Baby Boomers reaching the age of 65, let's look at the numbers more closely!

• By the year 2036, Canada's over 65 population will reach 10.9 million
• By 2051, those age 65 and older will account for 60% of health expenditures in Canada
• In 2010, the average age of retirement in Canada is 62
• Half of today's 66 year old persons are expected to live beyond the age of 82
• Add 3 months to the average life expectancy each year.
• The percentage of working income that is widely regarded to be replaced in retirement is 70%
• There's 38% of Canadians that have no savings
• In the year 2006, 1 in 7 Canadians was a senior citizen. Yet 50 years ago it was 1 in 14
• Only 25% of Canadian private -sector workers are covered by workplace pensions
• Canada Pension Plan pays an average payment of $512 for retirees and a maximum monthly payment of $960
• The average savings rate in Canada is 3.51%
• Canadian families with 2 children average $176,461 in debt
• There's 17% of Canadian retirees who owe more than $100,000
• The expected amount that the Canada Pension Investment Board plans to be managing by 2038 is $700B
• Canada ranks number 2 in adequacy among 14 major retirement income systems in the world

Source: Certified General Accountants Association of Canada, Statistics Canada, Centre for Financial Services, Ipsos Reid and National Post

Have you started your retirement savings? Do you have strategies for saving money each time you are paid? Are you living on the edge or do you live frugally?

Visit Freebies Deals And Rewards for tips on saving money, living frugally, getting free stuff and so much more.

Each year we rack up over $2000 in coupon savings alone that can be compounded in an Retirement Savings Plan, or invested on the stock market.  The money we save from gathering freebies and samples allows us to put another few hundred dollars away each year too. Because we don't have to buy the free items that we gather, we put the savings away. For example if we get a disposable razor that's worth $8 for free, we put the savings into "our place" when we use the item; just as we would have, if we spent the money in store by having to purchase the product.

"Your place" (meaning your savings venue) could be a interest bearing savings or chequing account with varying ranges of interest, under your mattress, on the stock market, Canadian Savings Bongs, Provincial Savings Bongs, Guaranteed Investment Certificates, in a safe, or wherever you feel safest keeping your money.

Here's a few places to visit to gather information to help you save money:

Tips for Living Frugally
Coupons for Canadians
Finding Freebies Online and Offline