After You Pay Off Your Mortgage

senior-citizens-reverse-mortgage How much of your working income will you need after you’re retired and your mortgage is paid off?  It seems the pro’s can’t agree. 

According to the National Post, the experts suggest you save enough to replace the following proportions of your income:

  • 50%, according to actuary Malcomn Hamilton
  • 70% is the financial planning standard
  • 80-85% is what Fidelity Investments recommends
  • 105% says pension consultants Watson Wyatt

The average is 77%, but the typical Canadian is on track to replace just 50%.

It’s no wonder that reverse mortgages are growing in popularity.

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