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Making sense of the markets this week: May 7, 2023 May 5th

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Canadians approach retirement planning in many different ways, but there’s one thing we can all benefit from: a strategy to save enough to retire comfortably and even generate income after we stop working.

But many of us don’t feel financially ready to stop working. According to a 2022 survey by the National Institute on Ageing (NIA) at Toronto Metropolitan University, only one-third of Canadians aged 50-plus say they have the financial capacity to retire when they hope to do so. A survey by investment firm Edward Jones, also published in 2022, found that Canadians preparing for retirement have significant worries about future expenses, including health-care costs (59%), unexpected expenses (58%), economic downturns (42%) and inflation (41%).

These findings may sound grim, but there is also good news in the data points: Many people are enjoying retirement with a reasonable sense of personal and financial well-being. Regardless of where individuals fall on the retirement-savings spectrum, all share the need for a solid strategy to ensure they don’t outlast their money…

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