Wednesday, June 9, 2010

Fewer than half of Canadians planning for retirement: poll

From the Toronto Sun:

Fewer than half of Canadians approaching retirement age have an income strategy in place, and two thirds haven’t considered the possibility that they could outlive their savings, according to a report by the BMO Retirement Institute.

Only 48% of those polled are planning to, or already have, discussed retirement incomes and how to structure their investments, it said. While the majority believe that unpredictable factors, such as inflation or medical expenses, may affect their financial stability, only 48% have planned for such contingencies, it said.

“As Canada’s boomers draw closer to their retirement years, having a strategy to manage investment income throughout retirement should be a top priority,” said Tina Di Vito, head of BMO Retirement Institute. “Financial resources available through programs such as the Canada Pension Plan and other pension schemes likely won’t be enough to support the average retirement lifespan.”

Nearly all baby boomers will be eligible for retirement within the next 20 years, and concern is mounting that their savings will not cover basic living expenses. To tackle the problem, the government is carrying out a series of consultations on how to reform the country’s pension system.

BMO urges those in the 55 to 65 age group to take a close look at their investments to ensure they will provide enough income to support their desired lifestyle.

The survey of 1,542 adults between April 12 and 15 was carried out by Leger Marketing.

18 comments:

vickiekurt said...

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saa said...

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Ryan said...

Not to mention that of the Canadians that are saving for retirement, over 90% of them are not actually planning for it. They are just putting money into a RRSP hopeing it all works out in the end, becasue their "Financial Advisors" are not Financial Planners just investment sales people. A written financial plan is a key step in financial success.

Ryan Rohloff FMA, FSCI
http://atlasfinancialplanning.ca/

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Vishal Sharma said...

Nearly all baby boomers will be eligible for retirement within the next 20 years, and concern is mounting that their savings will not cover basic living expenses.
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Ashley said...

Really? Only 48% of the polled retiree have their retirement plans? I am hoping that in time, they would realized to prioritize for their retirement age. By the way, thank you so much for the share. I hope that they would really consider managing their retirement investment. Keep us updated.

Ashley

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