Retirement in Canada
Have you ever wondered how your retirement or retirement plan compares to other Canadians?
Recently an Angus Read research study was published focusing on “Retirement in Canada”. (http://angusreid.org/retirement-in-canada/). Here’s a video from BNN on the report with some interesting takeaways. Jamie Golombeck, CIBC, managing director of tax and estate planning, noted that the key is to a have a written financial plan and review it at least annually.
When are Canadians Retiring?
Did you know that the nearly 20% of Canadians are now retired or semi-retired? That’s over 6.4 million people! In 2014, the average age of retirement was 63 and is rising slowly according to Statistics Canada.
It was also noted that many retired (48%) said they “retired earlier due at least partly to circumstances outside my control”. Unfortunately it’s not clear whether it may have been due to poor health, downsizing or some other reason.
How are Canadians Funding Retirement?
The main source of retirement funding for both public and private sector is Old Age Security, OAS at 57%, followed by 75% of public sector relying on defined-benefit pension, with the private sector at 39%. Third was RRSPs at 22% for public sector and 35% for private sector.
Of particular interest to me is the statement that roughly three-quarters (74%) of not-yet-retired Canadians agree with the statement: “I’m worried about my money lasting my lifetime”. This unfortunate sentiment is widely shared by working Canadians from all walks of life.”
The need for financial planning specifically related to retirement income planning has never been so great. Do you have a written financial plan? There are so may options out there, it only make sense to work with someone specializing in that area to educate you on your options.
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