Christopher Liew: How much should you have saved to retire at 60?
BNN Bloomberg
Thinking of early retirement? Personal finance contributor Christopher Liew walks through everything you need to know to retire at 60.
For the past couple of decades, age 65 has served as an important milestone for working Canadians. It’s the year when all of your hard work and savings pay off, allowing you to finally relax and retire.
What if you want to retire at 60, though? When you’re younger, a five-year difference may not seem like a lot. However, those approaching 60 know just how valuable time is, and having an extra few years to enjoy the fruits of their labour and spend quality time with family and friends is an enticing prospect.
Below, I’ll walk you through everything you need to know to retire at 60.
Data from Statistics Canada’s Survey of Household Spending shows that the average Canadian household spent $76,750 per year in 2023.
In simple math, this means that if you retire at 60 and expect to live to 82, you would spend $1,688,500 (not accounting for inflation) to maintain the average cost of living over 22 years for the average household.
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