11°c Overcast
18°c Light rain
The Canadian Press - ONLINE EDITION
Majority of Canadians enjoy retirement, but some worry money won't last: poll
A man looks over a brochures of retirement savings options, on February 3, 2012 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
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.
More FP News Top Story
- Back to Top
- Return to FP News Top Story
More FP News Top Story
(1 of 19 articles for this week)
Flight attendants union calls $50 million Air Canada cuts premature
05/12/2013 5:15 PM 0
Poll
Most Popular FP News Top Story
- Pakistani model's tattooed nude photo in Indian magazine causes uproar
- Dates set for recreational food fishery in Newfoundland and Labrador
- Senator's wife often got upset about health of much older husband: grandmother
- Car bomb at French Embassy in Libyan capital wounds 3 in latest sign of deepening lawlessness
- Alberta jail workers vow to continue a wildcat strike over safety conditions
- Unidentified victims of Bangladesh collapse buried as more graves are readied; toll now 420
- As Boston mourns, suspected brothers' radicalism comes into focus
- Israeli archaeologists discover ancient clay seal in Jerusalem, suggest link to Temple ritual
- Winnipeg RCMP make arrests, say they have wiped out Rock Machine biker club
- US man accused of mailing suspected ricin charged with threatening President Obama, others
- Unidentified victims of Bangladesh collapse buried as more graves are readied; toll now 420
- Dates set for recreational food fishery in Newfoundland and Labrador
- Pakistani model's tattooed nude photo in Indian magazine causes uproar
- Israeli archaeologists discover ancient clay seal in Jerusalem, suggest link to Temple ritual
- Nigeria, beset by violence from Islamic extremists, sets up committee on offering amnesty deal
- Police: Boston Marathon bomb suspect fired shots from boat, hospitalized in serious condition
- Car bomb at French Embassy in Libyan capital wounds 3 in latest sign of deepening lawlessness
- Pressure grows to improve human rights for transgender people in Newfoundland
- Father of Rehtaeh Parsons pleads for new law against malicious harassment online
- Amanda Berry, 1 of 3 women freed after held captive in Ohio home, arrives at sister's home
- ESPN says it regrets that reporter described gay NBA player Collins as a sinner
- Pakistani model's tattooed nude photo in Indian magazine causes uproar
- Toronto aunt of Boston bombing suspects doesn't believe they're involved
- Unidentified victims of Bangladesh collapse buried as more graves are readied; toll now 420
- Census 2011 makes history: population in the West surpasses that in the East
- As Boston mourns, suspected brothers' radicalism comes into focus
- Dates set for recreational food fishery in Newfoundland and Labrador
- Car bomb at French Embassy in Libyan capital wounds 3 in latest sign of deepening lawlessness
- Elections Canada wants greater punishment powers in wake of robocalls debacle
- Israeli archaeologists discover ancient clay seal in Jerusalem, suggest link to Temple ritual
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
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.