Most individuals would like to maintain the same standard of living after retirement that they enjoyed during their working years.

Sources of Retirement Income

How will your retirement be funded? The three possible sources of retirement income are employer pensions, personal savings and government benefits.

In the past, you could rely on the government to provide you with some retirement income. But with cutbacks and shifting demographics (mainly a decreasing birth rate and an aging population), can you rely on the government to provide you with a secure income throughout your retirement? At best, government pension plans will only provide a fraction of the income you will need. The shortfall must come from your personal savings and from money built up through your group retirement plan. The amount required to fund this shortfall is determined by your retirement lifestyle goals. What are your retirement goals and what will you need to save to achieve them?

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	Experts most often suggest that the equivalent of 60% to 80% of pre-retirement income is required to do so.