A comfortable retirement for the wealthy now costs 23million

TORONTO — No need to pity the affluent, even if they have to save more than twice as much as average Canadians before retiring.[np_storybar title=”Five points to consider before deciding when to take Canada or Quebec Pension Plan benefits” link=”https://business.financialpost.com/2014/01/10/canada-pensions/”%5DWhen should you take Canada or Quebec Pension Plan benefits? It all depends on your income, health, and what you want to do with the money. Consider these points [/np_storybar]A new poll issued by BMO Harris Private Banking says richer Canadians, on average, feel they need at least $2.3 million set aside before calling it a career.The figure for the affluent — those defined as having at least $1 million of investable assets — is two and a half times the $908,000 that average Canadians said they needed.But the study also found that most affluent Canadians — fully 95% — were confident of their ability to fund their ideal retirement lifestyle.That compared with 69% of Canadians overall.Meanwhile, the majority of respondents among the affluent — 70% — expected stocks to generate the most solid returns over the next five years, well ahead of real estate, bonds and cash.“How much you require will be determined largely by what kind of lifestyle you envision for yourself, including where you plan to live, how much you want to travel and other factors that could require funding,” said Yannick Archambault, chief operating officer at BMO Harris Private Banking.“While it’s encouraging that so many of the country’s affluent are feeling good about the prospects for their retirement, it’s important to be mindful that market conditions can change very quickly and impact one’s investments.”The online survey was conducted for BMO by Pollara between March 28 and April 11, with a sample of 305 Canadians with at least $1 million in investable assets. Results for the general public come from online surveys involving 1,000 Canadians conducted in the second half of 2013.The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population. read more

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Subway to ensure Footlongs measure up after lawsuit

FILE – In this March 3, 2015, file photo, workers make sandwiches at a Subway sandwich franchise in Seattle. Subway promises to ensure its “Footlong” sandwiches measure up to settle a class-action lawsuit. The suit was sparked after a teenager posted a photo on Facebook showing his sandwich was only 11 inches. In October 2015, Subway’s parent company, Doctors Associates, agreed to a preliminary settlement, which was granted final approval on Feb. 25, 2016. (AP Photo/Ted S. Warren, File) Subway to ensure ‘Footlongs’ measure up after lawsuit by The Associated Press Posted Feb 29, 2016 10:53 am MDT Last Updated Feb 29, 2016 at 12:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email NEW YORK, N.Y. – Subway customers can finally rest assured that their “Footlong” sandwiches will be as long as promised.A judge last week granted final approval to a settlement of a class-action suit filed against Subway after an Australian teenager in 2013 posted an image of his sandwich on Facebook that was only 11 inches. The image garnered international media attention, with The New York Post writing that it found four out of seven Footlongs it purchased in New York “measured only 11 or 11.5 inches.”A judge had given preliminary approval in October to a settlement between Subway’s parent company Doctor’s Associates and plaintiffs’ attorneys. Final approval was granted on Feb. 25.As part of the settlement, Subway agreed to institute practices for at least four years to ensure its bread is at least 12 inches long. The judge approved $520,000 in attorney fees and $500 for each of the 10 individuals who were representatives of the class, but no monetary claims were awarded to potential members of the class.“It was difficult to prove monetary damages, because everybody ate the evidence,” said Thomas Zimmerman, who was co-lead attorney for the class. Zimmerman said the attorney fees are being split among 10 law firms.Subway said in a statement that it was pleased the judge found no wrongdoing on its part.“This allows us to move forward, without distractions, on our goal to provide great tasting sandwiches and salads, made exactly as each guest likes. We have already taken steps to ensure each guest receives the Footlong or six-inch sandwich they order,” the statement said.Lynn Adelman, a judge for the U.S. District Court Eastern District of Wisconsin, wrote in the final approval that the plaintiffs’ attorneys realized their claims “were quite weak” after an initial mediation session. Instead of trying to get class certification for monetary damages, he said plaintiffs decided to focus on injunctive relief requiring Doctor’s Associates to ensure its sandwiches are at least 12 inches long.Adelman wrote that the plaintiffs’ attorneys learned Subway makes its bread with “dough sticks” that weigh the same when they arrive at stores frozen. The dough is then thawed and stretched before baking, a process that can lead to variability in the size and shape of the resulting bread.While the dough may have different shapes, it still has the same quantity of ingredients, Adelman wrote. The amount of meat and cheese is also standardized, but it’s possible that a shorter bread loaf might lead to a slightly less toppings. For instance, “a sandwich that was 1/4-inch shorter than advertised might be missing a few shreds of lettuce or a gram or two of mayonnaise,” the judge wrote.But Adelman also noted that sandwiches are made in front of the customer, who can ask for more toppings.“Thus, the plaintiffs learned that, as a practical matter, the length of the bread does not affect the quantity of food the customer receives,” Adelman wrote.Still, Subway agreed as part of the settlement to take steps to ensure its bread is at least 12 inches long, including requiring franchisees to “use a tool for measuring bread.” read more

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