Register for Thrive Conference here to discover viable options for your dream retirement.
Steve and Bella moved to Canada at the age of 47 and 44, respectively. They relocated from one of the eastern European countries and while they grew their career in Canada over the 20 years that followed, they remained connected to their roots. They maintained essential relationships and kept abreast of the economy in their country of birth.
One of the smart things they did in Canada over the same period was to contribute to their pension plans consistently as much as their income allowed.
But 12 years into their fulfilling life in Canada, they realized that their pension contribution would not mean much at retirement despite all the right things that they’ve done.
Well, not surprising. The average age of most immigrants to Canada hovers around the 30-year mark. However, a greater percentage of the workforce-able immigrants (ages 25-59), are aged between 30 and 59. Statistically, this bracket tops the newcomers chart. In fact, in 2020, this group (to which Steve and Bella belong) constituted 65.76% of that bracket.
What does this mean?
Immigrants have a unique situation because most of us come in midlife and so, the traditional Canadian retirement scheme is not exactly going to work for most, as attractive as it looks the way it is currently designed.
Steve and Bella therefore accessed some of their line of credit funds and took off to Europe to set up a business that they hoped would take care of them. They traveled back and forth over a painful 9 months and eventually, the business folded up!
They returned to Canada with a $33,700 debt.
This is the reality of a lot of immigrants in that age bracket.
At The Immigrant Life, we have decided to influence a change by starting this conversation and so, at Thrive Conference 2021, we will be receiving practical and viable options that are available for us as immigrants.
Our cases are unique, but we are no longer waiting for help. We are STEPping IN and STEPping UP. We have the answers and can create whatever we want.
Do yourself a favor by registering for the conference here: https:/thriveconference.ca
The session you are looking for on October 23rd is “How to generate retirement income — an immigrant special”
Register now. October 23rd, 2021.
Click here to register for FREE:
Follow The Immigrant Life on LinkedIn
Written by Dapo Bankole.
Follow Dapo on LinkedIn