Almost half of retired Canadians are afraid they will live so long they will run out of money, according to a new survey. Almost three-quarters of those not yet retired share this worry.
Huge numbers retiring
There are currently 6.4 million retired or semi-retired people in Canada making up nearly one-fifth of the population, according to statistics from the Canadian Association of Retired People. A baby boom started in the late 1940s after World War II, so the number of people retiring is likely to go up dramatically over the next 20 years.
Less than half of retirees surveyed said they left the workforce when they had planned. 48 per cent retired earlier and six per cent retired late due to circumstances beyond their control.
Government pensions were the major source of income for 57 per cent of retirees. 53 per cent live from private pensions and 30 per cent on their own retirement funds that were saved in a tax-sheltered plan.
Most retirees have enough money
Four out of every 10 retirees said they have enough money to do what they want. Forty-four per cent said they live comfortably, but don’t have money for “extras.” The remaining one in five retired Canadians said that making ends meet was a struggle.
Those who retired from work in the private sector were nearly twice as likely to report they were “struggling” financially (22 per cent), as did those who had worked in the public sector.
Enjoying time to relax
Four out of ten Canadian retirees said they had no regrets about their lives. A vast majority said they enjoyed having time to relax and do what they wished, while one in three wished they had closer community connections and better volunteer opportunities as well as more time with family. Four in ten said they sometimes missed work.
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