Canadians planning for retirement are being given a blunt warning.

The chief economist at B-MO Capital Markets, says if Canadians hope to retire comfortably, they’ll have to at least double their savings.

Doug Porter explains it’s mainly because low interest rates are only producing modest investment returns.

He also points to the likelihood of what he calls “relatively modest financial market returns in the years ahead.”

Porter has co-written a report that suggests there are several ways Canadians can make up for savings shortfalls.

They include downsizing their residences, lowering retirement goals — and staying on the job past age 65.