Early retirement could prolong your life

…Everywhere, the media is talking about employees who didn’t save up against retirement days. It’s comfortable to believe that many people will become impoverished in their last years. Debating this notion, Frederick Vettese, who wrote “The Essential Retirement Guide”, also the senior actuary at finance firm Morneau Shepell, says people think that they need 70% of the last income for a comfortable life. Vettese calls it a ‘weird number’ because nobody ever achieved that figure. Vettese says mid-career parents may depend on something as low as 35% of the gross earning after deducting mortgages and other debt. When retirement comes, most of these costs have vanished.

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