Toronto millennial renters must save years longer than homeowners to retire Toronto TorontoRealEstate RealEstate
was $84,000. One-person households are on the rise and make up over 30 per cent of the city's population, with a median income of $45,200.ofUnderstanding that these figures are much off from their national study's baseline, Mercer Canada's financial wellness leader Jillian Kennedy highly encourages regional discussions — and says the situation shouldn't be looked at as doom and gloom by all generations, especially millennials.
"As a society, we will see this resilient generation adapt to reality in different ways. For example, many are already buying cottages to move into in retirement, or sharing a home to afford ownership as group." She adds that workers looking to secure their wealth have options; notably, take advantage of what retirement programs their employers are offering.
People may choose to work additional years, or to delay commencing government benefits like Canada Pension Plan or Old Age Security to boost the amount received each month.
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