A new survey from BMO finds that Canadians believe they now need a whopping $1.7 million dollars in savings to retire. This figure is up 20% from their 2020 survey, and it comes as Canadian inflation continues to run hot. With a figure that high, is the concept of retirement as we know it archaic? And how are current retirees spending their retirement in today’s high-inflation environment?

David Cravit is today’s guest, joining Bryan Borzkywoski to discuss the post-pandemic trends impacting retirees. David is the Chief Membership Officer and Chief Marketing Officer of the Canadian Association of Retired Persons, and we’ll hear today how retirement planning for boomers has become complicated. According to David, the classic definition of retirement is over. Retirees today are living longer and wanting more out of their retirement, leading to greater cash flow needs. We have CPP, but who is going to pay for the growing demand in the future? David asks what if boomers have 30 more years to live at 65, and notes on average they are not saving enough. Among other topics discussed today, David also thinks that the boomers are going to end the healthcare debate and private health insurance is going to become a major player soon.

At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information.

For the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics’ Advisor Digital Experience Study.