The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Concern over running out of money during retirement is felt by approximately one in three non-retired Canadians according to a national survey sponsored by Investors Group. Survey respondents who do not have a plan for what they intend to do with their time during retirement are more likely to be concerned than those who have a personal retirement vision. The survey showed that 30 per cent of non-retired Canadians indicated they were either very or extremely concerned about running out of money. Anxiety among non-retired Canadians without a plan was higher with 37 per cent saying they were either very or extremely concerned; 25 per cent of non-retired Canadians said they had a definite plan for what they would do with their time in retirement; 45 per cent said they had some idea and 29 per cent said they had no plan. Non-retired Canadians who don't have a retirement lifestyle vision are also likely to feel they have no control over their retirement date. The survey showed that 52 per cent said they expected to have their retirement date dictated by external considerations. "How can you achieve what you can't picture?" said Debbie Ammeter, Vice- President of Advanced Financial Planning for Investors Group. "A successful, happy retirement means doing what you want to do Ð and deciding what that is puts you on the path to getting there." Many retired Canadians, given the advantage of hindsight, say they would have taken steps to enhance their retirement. Asked what they would do differently, current retirees say they would have: - started saving earlier - 45 percent; - saved more - 48 percent; and, - sought professional advice earlier - 31 percent. "Your vision of a successful retirement will undoubtedly change as you move through various life stages," says Ammeter. "But the importance of having a definite plan for your time and an established goal is pretty clear. Generally, Canadians enjoy their retirement Ð and those who enjoy it most are the ones who have a definite plan." Despite the lack of planning, non-retired Canadians continue to be ambitious in the date of their expected retirement: 10 percent plan to retire before age 55, 25 percent of Canadians expect to retire between the age of 55-59, while another 19 percent plan to retire between 60-64. While 7 percent of Canadians plan to work past 65, the survey also found that 33 percent of non-retired Canadians agree that governments should pass a law banning companies from having mandatory retirement policies for age 65.
