["I love cool pants!": photo PAH]
And in spite of the fact they didn’t look cool or rad in polyester (barely nifty, and it was highly flammable to boot) - though they thought they did - they were fruitful and multiplied and raised children who grew up to become the micro-fleece- and cotton-clad generation that now asks six-in-ten of their parents for almost $4,000 per year to help with life’s expenses.
Chilling news, isn’t it?
But children of baby boomers are not the only ones feeling the pinch.
The boomers themselves, and Canadians in general, are too.
For example: According to a survey and study by RBC, registered savings plans (RRSP) contributions as a share of personal income have fallen over the past 11 years, coinciding with the aging of the baby-boomer generation, which is now saving less.
(No mention was made of how many children were still chillin’ in the basement).
I also learned just over a third of Canadians contributed to, or plan to contribute to, an RRSP for the 2009 tax year and that’s the lowest since 1996. (Dec.17, London Free Press)
Fewer Canadians started saving for retirement this year as well, a poll found. Almost a third said they hadn’t yet begun putting any money aside, compared with one quarter a year ago.
Although a chief economist for the TD bank says that Canadian and American households are saving about 4 per cent of their incomes, I was told recently by a financial advisor that 4 per cent isn’t enough to provide security in the future.
Because of my debt load I’m putting away even less than that.
Like I said before, however, I feel my debt load is manageable (for a few reasons) as long as my sons don’t move back home with their families.
Whoops. There’s that chill again.
***
If not 4 per cent, how much?
What about the Canadian Pension Plan and Old Age security payments?
Click here to read Part 3.
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