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The financial downside of living too long

Release Date: 06/11/2016
Source: Winnipeg Free Press
Staff Reference: Jennifer Omstead

By: Joel Schlesinger

Long may you run — and hopefully, your savings will last, too.

In the retirement planning world, ensuring your money will outlive you is a top concern.

While it’s often less so for individuals who have a defined benefit pension plan because they’re guaranteed an income for life, fewer Canadians have access to these workplace plans.

Increasingly, it’s our RRSPs and other savings that fund the bulk of our retirement needs — sometimes over several decades.