Money Tips Monday: Funding for the retirement years – Okanagan [Video]

According to Statistics Canada, the nation’s population is now comprised of more millennials than baby boomers.

But as boomers age out of the workforce, the country is facing what Stats Canada is calling a “looming wave of retirement.”

So this month on Money Tips Monday, it’s Part 2 of Global Okanagan’s retirement planning segment.

How much money you’ll need to retire with is a complex question with a complex answer. Because the answer is: It depends.

“That’s such a tough question to answer because the answer changes for every person,” said Spencer Tantardini, a wealth-planning specialist at Valley First, a division of First West Credit Union.

It’s not so much about how much you need to save for retirement; rather, it’s more about how much you think you’ll be spending in retirement.

If the plan is to travel the world, you’ll need more money than staying home and enjoying time with the grandkids.

You’ll also want to factor in …