“Just a third of older Canadians believe they can financially afford to retire”.
Source: benefitscanada.com
Just 35 per cent of Canadians aged 50 and older report they’re in a position to financially afford to retire, while a slightly larger percentage (37 per cent) say they aren’t and 25 per cent say it’s unclear, according to a new survey by the National Institute on Ageing and the Environics Institute for Survey Research.
The survey, which polled nearly 6,000 Canadians aged 50 and older, explored older Canadians’ perceived ability to financially support themselves later in life with two indicators: financial well-being and retirement readiness.
“Not only has saving for retirement become more challenging — due to increasing life expectancies, older Canadians looking to retire must also plan for their financial security over longer timelines or else risk outliving their retirement savings,” noted the report. “The [coronavirus] pandemic has only heightened these concerns: NIA research has shown that most Canadians are now concerned about the financial security of their families, with the level of worry being particularly high among Canadians close to retiring or in early retirement…