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Retirement Study
If you are like most Canadians your main focus is holding on to your job, paying your monthly bills and maybe planning a winter vacation. Retirement is the last thing on your mind.
In a November the Gandalf Group issued the Cosumerology Report, for Bensimon Bryne, interviewing 1,500 Canadians from the age of 50+ on their key financial and lifestyle issues facing them as they planned for retirement.
Then they compared their responses with other Canadians that where retired, and the results were enlightening.
Here are some of the reports results ...
Retirement Objectives for Future Retirees
- Time with family
- Travel
- Being involved with children's lives
- Taking care of your partner or spouse
- Physical Fitness
Actual Objectives for Retirees
- Time with family
- Reading
- Physical Fitness
- Being involved with children's lives
- Taking care of your partner or spouse
Save Adequacy - Paying for Retirement
- Over half of Canadians have little or no confidence that they have saved enough for their retirement.
- Only one in ten people would describe themselves as confident that they have saved enough.
- Not surprisingly, the market losses of the last couple years have made the task more difficult, especially for those in the 50-65 age group.
- Almost half of Canadians are worried that they outlive their savings.
- But they are also afraid to look – almost half have not calculated what their savings will generate in retirement income.
- The closer you get to retirement, the more problematic the current low interest rate environment is.
- Most working Canadians expect the same or higher standard of living in retirement.
- The experience of retired people is different. Over 40% faced a reduction in standard of living and few saw it go up.
The most alarming was only 8 percent felt very confident in their ability to retire, almost 60 percent where either "not very confident" or "not at all confident" about their financial future.
The study seems to point out there is a big disconnect between what we expect in retirement and what we actually experience. For the entire report check www.consumerology.ca.
The good news is that the sooner you prepare financially the better. Using the time you have can make the future you want a reality.
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