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Early retirement costs hike as inflation erodes savings
A Canadian two part series warns a 5 percent annual inflation rate doubles living costs in 14 years and a $35 000 salary would need about $92 865 in 2010 to maintain purchasing power. Experts urge early planning, emphasizing starting in late twenties or even teens, and showcase an example of Heather Morris investing $100 monthly into Industrial Horizon RRSP with projected growth to $1.7 million by age 65 and options to convert to RRIF or annuity to manage taxes.
MENTIONED IN THIS ARTICLE
Stuart McKay
Terry Stone
Bolton Tremblay Funds, Inc
Heather Morris
Industrial Horizon Mutual Fund
Morris
Industrial Horizon