(Oct. 30, 2014) The lack of adequate retirement income is starting to hit home for Canadians, according to two new surveys, reports the Waterloo Chronicle.
One survey finds that a majority of Canadians say they might not be able to retire according to plan, reports The Chronicle. The 2014 Sun Life Canadian Health Index finds that 69 per cent of retired Canadians kept working beyond the date they originally intended to stop.
“It certainly talks to the need to plan and to get the right advice along the way to think about everything that could happen,” Brigitte Parent, senior vice president of individual insurance and wealth at Sun Life, is quoted saying. “Health is one aspect but in other surveys we’ve done people are (also) concerned about outliving their money, concerned about health events, and we know Canadians are living longer.”
The survey also found that 53 per cent of Canadians worry about the cost of long term care, and 45 per cent of them are concerned they will simply run out of money, reports The Chronicle.
Another study, this one by the Conference Board of Canada, “reinforces the notion that Canadians do not feel prepared for retirement,” reports The Chronicle. It found that 60 per cent of Canadians don’t feel they have socked enough away for retirement.
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