Most pensioners fear they'll run out of retirement savings

Pensioners fear they’ll run out of money

48% retired earlier than they expected

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How are Canadians faring in retirement? Are they retiring when planned? A new report from Angus Reid shows many fear they’ll run out of money.

  • Nearly half (48%) of the retired Canadians surveyed agreed with the statement: “I’m worried about my money lasting my lifetime,” while roughly one-in-five (19%) strongly agreed. This anxiety is shared by substantial numbers of retired Canadians from all walks of life.
  • Less than half (46%) of retirees say they retired when and as planned. The rest retired earlier (48%) or later (6%) because of circumstances outside their control.
  • Retired Canadians are considerably more reliant on government and work pensions to finance their retirement than still-working Canadians expect to be when they retire. And, while a fairly concerning one-half (48%) of the already retired are worried about outliving their money, this anxiety is shared by three-quarters (74%) of Canadians who are not yet retired.

Retirees surveyed highlighted the following primary means of financing their retirement:

  • Government pension –57%;
  • Employer pension – 53%;
  • RRSPs – 30%;
  • Other investments – 13%;
  • Downsizing/selling assets – 6%; and
  • Other sources (including: inheritance, support from children, etc.) – 11%.

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This article was originally published on Advisor.ca.

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