41% of those who make $75'000 or more don't have enough saved for retirement.

35% of those who make less than $10'000 don't have enough saved.

The best savers were those who make between $20'000 and $29'999. Only 22% of them didn't have enough saved.

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As a result, 41 per cent of families whose employment incomes are $75,000 or more will not be able to generate two-thirds of that when their major breadwinner retires, according to Statistics Canada. One-quarter of families earning $20,000 to $40,000 will be in the same position.

The Statistics Canada formula on how much needs to be generated after retirement doesn't go unchallenged.

"At the risk of encouraging people to become complacent, this formula is simply too high for some, especially those expecting inheritances or who have off-balance-sheet assets such as interest in a business or rental property that may not be accounted for," Mr. Christianson said.

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I’d be willing to wager that the people making $70K+/yr are going to inherit much more than the people making $20K/yr.

However, it adds credence to a pet theory of mine that states that no matter how much money you make, you never have enough.

So they're shovelling all this money into RRSPs and mutual funds and whatnot and the brokers are having a jolly old time scamming the hell out of the average person. Look up the management expense ratio for some of the mutuals offered to the average stiff and it's pretty amazing. Jim Stanford has a nice little section on this in his book, BTW.

What nobody seems to get is that the CPP is mandated by law to be paid for in any given year, whether out of general revenue or out of premiums. If premiums are insufficient, then general revenue must cover it.

The bullshi-I mean liars who spread horror stories about the CPP rely on a weasel-word definition of technical bankruptcy in the CPP in that if revenues fall short of expenditures, that IS technical insolvency of the fund. They ignore, of course, the fact that it's smushed in with other government spending since it's a cash cow for Paul Martin, like the EI fund.

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I know of people claiming 'poor' making almost six figures.

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