The Canadian Press - ONLINE EDITION

Majority of Canadians enjoy retirement, but some worry money won't last: poll

  • Print

TORONTO - A majority of Canadians say their retirement lives are what they had hoped for, but nearly a third admit to being worried that they'll eventually run out of money, says a new poll released Monday.

The survey, done for CIBC, found that 69 per cent of those polled say the quality of their retirement is what they had planned.

Those living in Quebec, Manitoba and Saskatchewan (74 per cent) were the most likely to agree that their post-work life was what they had expected, while those in British Columbia (60 per cent) were the least likely.

Yet the survey also found that 28 per cent of those polled acknowledged that they were concerned with not having enough money to sustain their retirement lifestyle. Those most afraid were from British Columbia (45 per cent), while those least afraid lived in Atlantic Canada (21 per cent).

More than half (54 per cent) also acknowledged that they would not be able to handle an unexpected additional payment of $500 a month, given their current budget.

Only 62 per cent of those surveyed said they had a financial plan in place to give them an idea of how long they can sustain their retirement lifestyle.

Christina Kramer, executive vice-president of retail distribution and channel strategy at CIBC, said retirees are faced with more financial challenges now than those in the past.

"There are some unique factors facing today's retirees as they look to the years ahead, including low interest rates on savings and the need to make their retirement funds last longer than previous generations, which makes long range planning even more important," she said in a statement.

The CIBC poll was conducted online by Leger Marketing using a sample of 867 pre-retirees and retirees between Sept. 18 to Sept. 21, 2012.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Christmas Cheer Board hamper kickoff

View more like this

Photo Store Gallery

  • Marc Gallant/Winnipeg Free Press. Gardening Column- Assiniboine Park English Garden. July 19, 2002.
  • A baby Red Panda in her area at the Zoo. International Red Panda Day is Saturday September 15th and the Assiniboine Park Zoo will be celebrating in a big way! The Zoo is home to three red pandas - Rufus, Rouge and their cub who was born on June 30 of this year. The female cub has yet to be named and the Assiniboine Park Zoo is asking the community to help. September 14, 2012  BORIS MINKEVICH / WINNIPEG FREE PRESS

View More Gallery Photos

Poll

Are you concerned about the death of a seal at the Assiniboine Park Zoo?

View Results

View Related Story

Ads by Google