A new survey has found that almost half of Canadians say the pandemic has made them rethink their retirement from work. More than five million Canadians will turn 65 years old this decade and that is the age at which government pension can begin and many people retire.
Not surprisingly, 63 per cent of people polled said they would now prefer to spend their retirement in their own home, rather than in a retirement facility. COVID-19 infections have raged in Canadian senior’s homes and the news is rife with horror stories of understaffing, neglect and death within them.
Half of the respondents said the pandemic has made them prioritize being closer to family and staying in Canada rather than living abroad. Canada has a publicly funded health care system which may be a factor as Canadians mull the impacts of the pandemic and what their future needs may be.
Half of those polled said the pandemic had made them prioritize being closer to family. (iStock)
Many will delay retirement
One-third of respondents who are not retired said the pandemic will cause them to delay their retirement and 88 per cent reported being uncertain about how much money they will need in retirement. Sixty-seven per cent now see a bigger need to have an emergency fund now and after retiring and half are thinking about getting their estate plans in order before they leave their jobs.
Almost half think they may need more money in retirement than they had originally thought.
The online survey was conducted with an online sample of 1,508 people between January 29 and February 1, 2021 for IG Wealth Management, a company that offers financial management advice and investment vehicles to individuals.
For reasons beyond our control, and for an undetermined period of time, our comment section is now closed. However, our social networks remain open to your contributions.