Canadians aged 50+ are rethinking what their retirement could look like, when they will be able to retire, and how much they will now need to save to do so
![retirement](https://payspacemagazine.com/wp-content/uploads/2021/08/pexels-huy-phan-1377055.jpg)
Half of Canadians do not yet have retirement plan: survey. Source: pexels.com
According to the Royal Bank of Canada, some Canadians hit the pause button on their retirement date amid the pandemic. In fact, 18% of respondents say they’ll now be retiring later than expected, with that response highest in Alberta (33%).
Besides, concerns around outliving retirement savings have reached their highest level in a decade. For instance, 21% of respondents with over $100,000 in investable assets now expect to outlast their savings by 10 years, compared to 16% in 2010.
Indeed, 50% of the respondents do not yet have a financial plan, and only 20% have created a formal plan with an advisor or financial planner.
Poll respondents also indicated the pandemic has prompted them to either think about or take action on, a number of retirement-related issues, including:
- Thinking more about where they will live in retirement (22%)
- Deciding where they do not want to live (20% do not want to live in a retirement home)
- Reviewing and updating wills and beneficiaries (15%)
- Taking stock of their financial affairs (17%)
- Taking up a new career or hobby, realizing ‘life is short’ (16%)
We’ve reported that Brits unveiled what financial freedom really looks like.
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