1 in 6 Canadians aged 55 or comparison hasn’t started retirement saving yet, RBC consult finds

Almost half of Canadians 55 years and comparison contend they are not on lane for their retirement planning, a new check consecrated by a Royal Bank of Canada suggests.

In an online consult of 2,033 adult Canadians consecrated by a bank though conducted by Ipsos, 46 per cent of check respondents pronounced their No. 1 concern was either or not they will have adequate income to retire on.

Having adequate income to cover health caring costs was also a vital fear, cited by 34 per cent of respondents.

With longevity increasing, many Canadians who retire during a common time could be confronting a retirement that lasts 3 decades or more. While that’s a good thing, a numbers advise few people are formulation on financing their lives that prolonged though operative income.

“Thirty years in retirement should be a outrageous present of time, when we can do what we want, when we wish – though we need to bond a dots between vital longer in retirement and scheming for those additional years,” RBC’s Yasmin Musani said in a statement.

According to a survey, roughly one sixth of Canadians aged 55 or comparison haven’t started to devise for their retirements.

And a numbers advise that financial concerns aren’t  a usually worries that Canadians have about their retirement. Among a concerns of those in a check who had nonetheless to retire, a vital one was being alone, that was listed as a worry by 15 per cent of people.

Additionally, a investigate found that:

• 13 per cent of respondent pronounced they would skip a clarity of purpose they feel when working.
• 12 per cent pronounced they didn’t know how they would pass a time.
• four per cent disturbed that people wouldn’t see them as a prolific member of society.

About 10 per cent of respondents pronounced one of their vital retirement worries would be not carrying adequate time with their spouse. But 4 per cent of respondents disturbed about a conflicting problem — carrying too most time with their spouse.

“You’ll expected find your priorities – and their associated financial implications – changeable as we proceed and afterwards enter retirement,” pronounced Bill Hill, inhabitant retirement formulation consultant for RBC, in a release.

“That’s because it’s so critical to have a review about your retirement thoughts with a pivotal people in your life.”

Article source: http://www.cbc.ca/news/business/royal-bank-retirement-1.3981758?cmp=rss