Myth 8: The average Canadian lives to 72

These days, we're living longer than ever before. According to Statistics Canada, life expectancy for Canadian women is now 82.6, while for men it's 77.8.* Combine longer life expectancies with the fact that many people are retiring earlier, and you could have a retirement that's as long, or even longer than your working life.

Myth 1 Myth 2 Myth 3 Myth 4 Myth 5 Myth 6 Myth 7 Myth 8 Myth 9

And many people leave planning for retirement far too late - leaving little time to accumulate enough assets to fund that retirement - or worse yet, finding themselves forced to work well beyond desired retirement age. Today, you need to plan for living into your 90s. And that means planning to not outlive your retirement savings.

*Statistics Canada 2004