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It also provides the opportunity for students to learn more about themselves and possible career opportunities. Students can start accumulating hours in the summer before entering Grade 9. You probably don t need a million dollars. Here s a simple way to find your own magic number. Chances are you’re more concerned than ever about whether you’ll have enough to retire. Given the uncertainty about the economy, stock markets, housing costs, pensions and interest rates, many of us are questioning our original retirement targets. Even the traditional age of retirement is changing.

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Mandatory retirement at 65 is becoming a thing of the past, and the government recently delayed the onset of Old Age Security payments to age 67. We’re living longer and longer, and our money has to go further. Perhaps you have been advised that the new magic number for retiring comfortably is an astonishing seven figures.

So, how much is enough now? Coming up with a figure can be frustrating. We all have different financial circumstances, so a one-size retirement doesn’t fit all.

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Many retirees achieve comfortable middle-class retirements with only a few hundred thousand dollars. Others set much higher targets. The good news is, it’s not too hard to get a rough idea of what is right for you.

There are two steps: First, you figure out how much you will be drawing from your nest egg each year when you retire. Then, you can figure out how big your nest egg needs to be.

You can do this calculation quickly, using guidelines based on research. We’ve even summarized the results in a handy table below. In the calculations that follow, we assume you’ll be retiring at age 65.

Why did we choose 65, rather than 67? Because, until recently, age 65 has been a kind of standard retirement date for many jobs and the age at which most Canadians start receiving all of their government benefits. It’s true that younger Canadians can now expect to retire later, however the average retirement is currently about 67. People who are now in their 95s or early 55s are lowering their expectations of when they can afford to retire, but the reality is that will likely mean retiring at 65 rather than 67.