Boomers look to real estate for retirement income

A third of Boomers plan on selling their real estate investments for financial support during their retirement years, says a new survey by Sun Life Financial and CARP.

It found the majority of future retirees (87%) expect to live past age 80, and that 30% have invested in real estate—despite reports of softening sales—to ensure they have an available source of income during these years.

Read: How to build a real estate empire and Cdn housing headed for a soft landing

Over half (52%) haven’t factored in the costs of long-term care, however, leaving many still worried they’ll outlive their savings.

Read: Avoiding long-term care talk puts clients at risk

The longevity expectations of the survey respondents are aligned with data from Statistics Canada, which finds the average male can live to age 83 and the average female can live to age 86.

More than four of those years will involve a diminished quality of life for men, and women can expect to need care for more than six years.

Read: How to talk to clients about LTC

“People are living longer and better, but they still need to be prepared for the unexpected,” says Moses Znaimer, CARP president.

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