Helping boomers find their way

Employers can do more for those fast approaching retirement
By Sarah Dobson
|Canadian HR Reporter|Last Updated: 05/15/2008

There have been numerous surveys lamenting the sad state of baby boomers when it comes to retirement.

Only one-half have saved more than $50,000 for their later years but 62 per cent aren’t worried about outliving their savings, according to Desjardins Financial Security.

Just one in three Canadians expecting to retire in 2030 are saving at levels required to meet basic household expenses in their retirement. Many might have to sharply increase their annual savings or continue working past 65 to avoid financial hardship, according to the Canadian Institute of Actuaries. And fewer than one-half of pre-retiree respondents know how much money they will need when they stop working, according to BMO Financial.