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Canadians are living it up in retirement but can they afford it?
The majority of Canada’s retirees are living the retirement they hoped for though 28% admit they are afraid of running out of money over the longer term, a recent poll by Leger Marketing for CIBC has found. British Columbians were among the most likely (45%) to say they are afraid of running out of money for their retirement, while Atlantic Canadians were among the least likely (21%). More than half of all respondents also said they’d be unable to take on an extra $500 in monthly expenses.
The findings highlight the importance of having not only a savings plan, but a plan on how to withdraw money come retirement, the bank says.
Recent research by Investors Group appears to reinforce that point. The firm found 30% of Canadians are not aware of how long their savings, pension and investments will support their desired level of retirement income.
“Those who have no idea of how long their savings, pensions and investments will sustain their desired retirement lifestyle could be in for some unpleasant surprises,” Aurele Courcelles, director of tax and estate planning for Investors Group, said in a release. They should get to work on developing a clearer idea of how they plan to live in retirement and if the lifestyle they have in mind is financially feasible.”
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