The real message is that people need to get more engaged in planning what they want their future to look like.
The magic number for retirement savings in Canada is $756,000 and, while that is the average amount Canadians believe they need to save for retirement, up to 90 per cent do not have a formal plan on how to get there.
A majority of Canadians, 53 per cent, are not sure whether they are saving enough during their work years. 37 per cent are not even thinking about retirement, pretexting they just cannot save.
This situation is even worse for women: only 22 per cent have a formal retirement plan or even have a good idea of how much income they will need, versus 32 per cent of men. By age fifty-five, 43 per cent of women and 27 per cent of men lack a retirement and transition plan. The real message buried in these statistics is that people need to get more engaged in planning what they want their future to look like.
There is no longer a magic age 65 or 55 when we are all going to quit work cold turkey and do something completely different. We are living longer, and a prosperous middle-class is realizing that retirement is about the journey, not the destination.
The same is to be said about all business owners. The average organization has undergone five enterprise changes in the past three years and 73 per cent of organizations expect more change initiatives in the next few years. Unfortunately, many organizations fail to implement change effectively. In fact, only a third of change efforts are clear successes, 16 per cent show mixed results, and half of them are clear failures.
Today, people of all ages, men and women, all business owners and all business organizations need to get more engaged in planning what they want their future to look like. The problem: most people are wearing to many hats and are overwhelmed with daily responsibilities and accountabilities with the result that by age 55 or 65 less and less people can afford to retire to enjoy what could have been their preferred future.
You are looking forward to maximize your assets, your business is growing fast and you need to adapt, you are thinking about retirement, SSTM, in collaboration with JMD Systemics and Succession Transition Strategies, helps you to succeed with the challenging process of business and personal transition.
Let us help you maximize your assets and secure the best possible future:
FOR YOU, YOUR WAY.
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J. Michael Dennis is a former attorney, a Trial Consultant, a Trial Scientist, Crisis & Reputation Management Expert, a Public Affairs & Corporate Communications Specialist, a Warrior for Common Sense and Free Speech.
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