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%.