STUDY: TOO MANY RELY ON HOMES TO PAY FOR RETIREMENT

Sep 26, 2017

By Bob Komsic

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New research suggests many Ontarians could be overestimating their ability to finance their retirement using their homes.

The Ontario Securities Commission surveyed adults in the province aged 45 and older on financial knowledge, attitudes and behaviours when it came to retirement planning.
The online survey found nearly half (45%) of pre-retired homeowners are relying on their home’s value to fund their post-working years.
There were substantial gender differences with women 55 and older saying they’re more stressed when it comes to planning post-work life.
The OSC says ”owning a home is not a substitute for retirement planning.”
The commission says the findings will be used to support the development of the OSC’s Seniors Strategy, which it’s identified as a priority for the organization’s 2017-18 fiscal year.
Those findings can be found at InvestorOffice
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