Baby Boom Generation: Retirement Income

Ruest Dept: Take for example the rule of thumb that you should have 70 per cent of your working income in retirement. Or the other one that says the amount of fixed income in your investment portfolio should match your age 60 per cent fixed income at 60, 70 per cent at 70 and so on, according to Winnipeg Free Press. This year, an estimated 344,000 Canadians in the first wave of the baby boom generation turn 65 and, as retirement newbies, will be confronting a whole range of new financial and lifestyle challenges, many of them with individual circumstances and objectives that need to be considered and special As far as Gaetan Ruest is concerned, you can rule out many of the rules of thumb you might have heard about retirement income and investment planning. "Rules of thumb might work on average, but they don t apply to everyone," says Ruest, assistance vice president of strategic investment planning for Investors Group. "Each individual has individual circumstances which need to be understood and recognized when developing a retirement income or investing strategy." (www.immigrantscanada.com). As reported in the news.