Some retirees worry money will run out: 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.