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Let’s get into it. From Canadians stranded in Mexico after sudden violence grounded flights, to the rising $1.7 million retirement target fewer believe they can reach, today’s stories show just how quickly financial plans can unravel. We also break down how one couple lost their entire life savings to a Facebook Marketplace scam — and the red flags every buyer should know.
■ RETIREMENT
Canadians are raising their retirement savings targets, but fewer believe they’ll actually get there.
A new survey finds Canadians now estimate they need an average of $1.7 million to retire comfortably, up from $1.54 million last year. At the same time, more than one-third (36%) say they’re unlikely to reach that goal — a noticeable increase from 29% a year ago.
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■ DEBT
A married Florida couple learned the hard way that a great deal online can vanish fast — along with everything in their bank account.
The husband told WKMG News 6 he was shopping for a new truck when he found a lead on Facebook Marketplace. The seller called, described the vehicle as “pristine,” and sent a Carfax report and purchase agreement.
Convinced the deal was real, the husband wired US$12,300 — every dollar the couple had saved — without seeing the truck in person.
It sounds extreme, but it’s far from rare.
■ TRIVIA
■ NEWS
When a military operation killed Mexico's most powerful cartel boss in late February, thousands of Canadians vacationing in Puerto Vallarta woke up to cancelled flights, blocked roads and hotels in lockdown — and the tab kept growing.
According to Global Affairs Canada, 18,703 Canadians were in Mexico at the time, with 4,672 in Jalisco State. Almost immediately, Air Canada, WestJet, Porter and Flair suspended flights, leaving travellers with no clear path home.
For many of them, the answer to who’s paying may be: You are.
■ MORE FROM MONEY.CA
DEBT: She cosigned a $10K loan for her ex, who then vanished — now debt collectors are calling. Here’s how she can protect her credit
NEWS: 700 complaints filed about an Ontario-based appliance repair service accused of misleading and overcharging customers
MANAGING MONEY: With shifting laws making estates harder to protect will your child lose their inheritance to an in-law?
RETIREMENT: I retired after 30 years, but my former coworkers keep asking for free career help. Do I step in or set boundaries?
■ TRIVIA ANSWER
Gold has been valued for thousands of years as a store of wealth. During times of economic uncertainty, investors often flock to it. It doesn’t produce income, but it’s viewed as a stabilizer. Sometimes, shiny still means security.