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Working careers shorter than when this retirement cliche was coined

This isn’t your grandfather’s retirement! Why the 70% income target no longer makes sense – In the ensuing decades, the average retirement age dropped steadily while life expectancy climbed. In addition, more people pursued a post-secondary education, which meant that they entered the workforce at a later age. As a result, most people today work just 1.5 years or less for every year of retirement. In the public sector, the ratio is closer to 1:1. In fact, the average participant in the Ontario Teachers’ Pension Plan works just 0.8 years (as a teacher) for each year he or she collects a pension.

The most common rule of thumb in retirement planning is that you will need retirement income equal to 70 per cent of your final employment earnings. For the vast majority of people who earn more than the national average income – which is a little more than $50,000 for a single person and $80,000 for a…

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a<center>ME News - Connecting You To World News, Jobs And Content From Aroland First Nation Within the Nishnawbe-Aski Nation Territory in Treaty 9