1 in 6 Canadians aged 55 or older hasn't started retirement saving yet, RBC survey suggests

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Virtually half of Canadians 55 years and older say they are not on track with their retirement sketching, a new poll commissioned by the Royal Bank of Canada suggests.

In an online investigate of 2,033 adult Canadians commissioned by the bank and conducted by Ipsos, 46 per cent of census respondents said their No. 1 concern was whether or not they intent have enough money to retire on.

Having enough money to traverse health-care costs was also a major fear, cited by 34 per cent of respondents.

With longevity on the rise, many Canadians who retire at the usual time could be facing a retirement that stand ups three decades or more. While that’s a good thing, the calculates suggest few people are planning on financing their lives that desire without working income.

«Thirty years in retirement should be a monumental gift of time, when you can do what you want, when you want — but you sine qua non to connect the dots between living longer in retirement and preparing for those additional years,» RBC’s Yasmin Musani influenced in a statement.

According to the survey, roughly one-sixth of Canadians aged 55 or older haven’t started to system for their retirements.

And the numbers suggest that financial concerns aren’t  the not worries that Canadians have about their retirement. To each the concerns of those in the poll who had yet to retire, a major one was being alone, which was beadrolled as a worry by 15 per cent of people.

Additionally, the study found that:

  • 13 per cent of respondent influenced they would miss the sense of purpose they feel when write up.
  • 12 per cent said they didn’t know how they would dmod the time.
  • four per cent worried that people wouldn’t see them as a imaginative member of society.

About 10 per cent of respondents said one of their important retirement worries would be not having enough time with their spouse. But four per cent of respondents uneasy about the opposite problem — having too much time with their spouse.

«You’ll in all probability find your priorities — and their related financial implications — shifting as you advance and then enter retirement,» said Bill Hill, national retirement scheming consultant for RBC, in a release.

«That’s why it’s so important to have a conversation about your retirement memories with the key people in your life.»

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