POLL: MORE THAN HALF CANADIANS FEAR THEY'LL HAVE TO RETURN TO WORK AFTER RETIREMENT

Feb 11, 2020

By Bob Komsic

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The average Canadian who took part in a recent survey expects to retire at 64, while a small number (6%) don’t plan to ever stop working.
Fear about losing financial independence is top of mind of 59% of respondents, while just over half (53%) are worried about having to return to work after retirement.
The 2019 Scotiabank Investment poll found even though nearly 7-in-10 are saving for that day, the same proportion think they won’t save enough.
Most expect they’ll need $697,000 in retirement savings, while many financial advisers suggest $1,000,000.
The survey found retirement planning has taken a back seat to more immediate priorities, with saving for retirement a top priority for less than one-quarter-of-Canadians; down from 32% in 2017.
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