Planning Required: Retirement Savings Shortfall is Enormous

The World Economic Forum predicts that a dramatic retirement savings shortfall could hurt citizens in several of the top western nations, including the UK and Canada.(1) They suggest that the gap could be as big as US$428 trillion by 2050.

In fact, the Organisation for Economic Co-operation and Development (OECD) suggests that workers should have total savings for their retirement that represents 70% of their working-life earnings. And as today’s millennials and Generation Z are expected to live well into their 100s, the predicted shortfall could create a devastating burden on government social programs for seniors, like the CPP.

Adding to the issue is that Canadians aren’t saving enough and are dealing with too much debt. The question then is: what can today’s financial advisors do to help their clients prepare for retirement and estate planning? The demand for qualified financial planners is, in fact, increasing. 

Aspiring professionals interested in improving the situation and looking to take their career to the next level should register today for Knowledge Bureau’s MFA — Retirement and Estate Services Specialist (MFA-RISS). This program is designed for financial and investment advisors who wish to meet their clients’ demand for tax-efficient income and effective wealth management as they transition from accumulation to spending in retirement.

The program will provide students with in-depth knowledge about:

• Insurance strategies for small business
• Use of trusts in tax and estate planning
• Investment strategies in charitable giving

Here’s what one graduate had to say: “The information is appealing, fresh and leads one to new business opportunities.” Laura F., ON
To learn more and to register by noon on June 30, visit the MFA-RISS webpage.

¹ Article in the Financial Post

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