A recent report should serve as a wake-up call to many who are hoping to enjoy a long and secure retirement. Based on the low levels of retirement funds accumulated so far, many Canadians will have to plan on living on less or dying sooner.

The financial industry is admittedly guilty of "fear mongering" to encourage us to save more for retirement. At the same time, the industry does not educate us enough on the realities of how much money is required to ensure a secure retirement.

My goal as an educator is to help Canadians achieve their own financial freedom. Thus, at the risk of being labeled a fear mongerer, it is important for me to help investors understand what the latest statistics mean for their retirement plans.

The table highlights some findings from a report by Statistics Canada, showing average RRSP values, and median values. The median is the middle figure when values are sorted from highest to lowest. It is a better indication of the typical amount in RRSPs than the average, which can be skewed by a few people with large amounts.

Note that the results shown in the table do not account for those without a penny in RRSPs. For example, for those who are 55 to 64, only 67% or two-thirds have an RRSP. Of those who do, the median is about $50,000, meaning that half of those with RRSPs have more than $50,000, and half have less. In other words, for Canadians less than 10 years from the retirement age of 65, one-third have more than $50,000 in RRSPs, one-third have less than $50,000 in RRSPs, and one-third have nothing in RRSPs