A significant number of Canadians knocking on retirement’s door have nothing set aside for their latter years, new data reveals.
According to a study done for Franklin Templeton Investments Canada, one-fifth of Canadians approaching the retirement years “have put away nothing for retirement,” writes Emma Prestwich for the Huffington Post. The survey focused on Canadians 53 to 71.
The lack of retirement money is behind the trend of older Canadians staying in the workforce later.
“And while working longer might seem like a good solution, especially if you’re healthy and you enjoy your job, it means little for your retirement if you’re only servicing debt, which is the case for many people,” she adds.
Paying down debt is a big focus of boomers who intend to keep working, with data showing the average Canadian owed $22,837 at4 the end of 2017. That’s up three per cent from the year before.
More: Three-quarters of boomers say they are anxious or stressed about retirement prospects.

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