An interest Canadian article explaining that having a high income is not sufficient on it's own for financial success.
High earners, are not immune from the key 'secret' of financial planning, i.e. Living within your means, and using that 'excess' income to accumulate assets (pension funds, investments, property and savings) is crucial to enable you to retire comfortably.
In some ways high earners have it worse in that their standard of living has further to fall when they can no longer work due to old age or ill health.
There’s no denying that Canadians face a looming retirement crisis, with household debt levels at record highs and peoples’ long-term savings, if any, wholly insufficient. Top income earners need not worry, one might think, but that’s not entirely true. Those who have become accustomed to a certain lifestyle but are not diligent about saving are facing their own challenges. “I recently had conversations with a couple who were both high-income earners who are retiring soon, and they’re really nervous about how they’re going to cover their expenses,” says Ted Rechtshaffen, wealth adviser and president of TriDelta Financial Partners in Toronto. “The fact that the income they’ve been reliant on for 35, 40 years is going to stop is [finally] hitting them.” Wealthy people who are not saving enough find themselves wondering what to do.