As if today’s soaring rental rates weren’t punishing enough, new data reveals how renting can also implicate your retirement. mercer | realestate realestatenews retirement renters
weren’t punishing enough, new data reveals how renting can also implicate your retirement., released Wednesday, sheds some light on the plight of Canadian millennials, saying that those who rent for their entire careers will have to save eight times their salaries in order to “comfortably retire” by the age of 68.
That same millennial, if they own their home, would need to save 5.25 times their salary ahead of retirement. In addition, they would be able to retire three years earlier, at the age of 65.
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