One-third of Canadians worried about retirement finances, survey says

(September 3, 2003) A significant number of Canadians approaching retirement feel they have not properly prepared for life after work, according to a Statistics Canada survey. While two-thirds of those aged 45 to 59 felt they were making adequate financial preparations to maintain their standard of living in retirement, nearly one-third believed they were not […]

By Doug Watt | September 3, 2003 | Last updated on September 3, 2003
2 min read
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    The survey, conducted in December 2002, is consistent with StatsCan’s 1999 study on financial security. It revealed that about one-third of Canadians had not saved enough to replace two-thirds of their income in retirement.

    StatsCan also asked Canadians exactly when they planned to retire. Nearly half said they wanted to stop working between age 60 and 65, although nearly one-third said they hadn’t made a firm decision on their retirement date or had no plans to retire. About 20% said they planned to retire before age 60.

    “The average planned retirement age, at 60.8, is similar to the current average age of retirement of 61.2,” StatsCan concluded.

    Filed by Doug Watt, Advisor.ca, dwatt@advisor.ca

    (09/03/03)

    Doug Watt

    • (September 3, 2003) A significant number of Canadians approaching retirement feel they have not properly prepared for life after work, according to a Statistics Canada survey. While two-thirds of those aged 45 to 59 felt they were making adequate financial preparations to maintain their standard of living in retirement, nearly one-third believed they were not doing enough.

    StatsCan surveyed 6,500 people aged 45 to 59 who were still working, asking about their intentions for retirement and their financial preparations. One-third of women and 29% of men said their preparations were inadequate.

    “Women were also more likely than men to say that they expect their retirement income to be inadequate or barely adequate to maintain their standard of living after leaving the labour force,” the study says.

    A number of other factors affected views on retirement. For instance, those Canadians who did not have private pension plans or did not own their homes tended to be more concerned about their financial future, as did recent immigrants and those who were widowed, separated or divorced.

    R elated Story
  • Resetting retirement: Your guide to managing shifting plans and expectations
  • Bear necessities: Preserving your clients’ wealth in down markets
  • The next wave: Emerging trends in retirement planning
  • Retirement dreams don’t match reality, poll suggests

    • The survey, conducted in December 2002, is consistent with StatsCan’s 1999 study on financial security. It revealed that about one-third of Canadians had not saved enough to replace two-thirds of their income in retirement.

    StatsCan also asked Canadians exactly when they planned to retire. Nearly half said they wanted to stop working between age 60 and 65, although nearly one-third said they hadn’t made a firm decision on their retirement date or had no plans to retire. About 20% said they planned to retire before age 60.

    “The average planned retirement age, at 60.8, is similar to the current average age of retirement of 61.2,” StatsCan concluded.

    Filed by Doug Watt, Advisor.ca, dwatt@advisor.ca

    (09/03/03)

    (September 3, 2003) A significant number of Canadians approaching retirement feel they have not properly prepared for life after work, according to a Statistics Canada survey. While two-thirds of those aged 45 to 59 felt they were making adequate financial preparations to maintain their standard of living in retirement, nearly one-third believed they were not doing enough.

    StatsCan surveyed 6,500 people aged 45 to 59 who were still working, asking about their intentions for retirement and their financial preparations. One-third of women and 29% of men said their preparations were inadequate.

    “Women were also more likely than men to say that they expect their retirement income to be inadequate or barely adequate to maintain their standard of living after leaving the labour force,” the study says.

    A number of other factors affected views on retirement. For instance, those Canadians who did not have private pension plans or did not own their homes tended to be more concerned about their financial future, as did recent immigrants and those who were widowed, separated or divorced.

    R elated Story
  • Resetting retirement: Your guide to managing shifting plans and expectations
  • Bear necessities: Preserving your clients’ wealth in down markets
  • The next wave: Emerging trends in retirement planning
  • Retirement dreams don’t match reality, poll suggests

    • The survey, conducted in December 2002, is consistent with StatsCan’s 1999 study on financial security. It revealed that about one-third of Canadians had not saved enough to replace two-thirds of their income in retirement.

    StatsCan also asked Canadians exactly when they planned to retire. Nearly half said they wanted to stop working between age 60 and 65, although nearly one-third said they hadn’t made a firm decision on their retirement date or had no plans to retire. About 20% said they planned to retire before age 60.

    “The average planned retirement age, at 60.8, is similar to the current average age of retirement of 61.2,” StatsCan concluded.

    Filed by Doug Watt, Advisor.ca, dwatt@advisor.ca

    (09/03/03)