Retirement at 61: Canadians worry they won’t make it

Canadians hope to retire at age 61 on average, but the majority fear they won’t have enough money to do so, according to a survey.

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A CIBC study reveals that nearly two-thirds of Canadians question their retirement goals because they think they’ll run out of money.

Only 41% of 1,544 Canadian adults surveyed were confident they were saving enough to meet their retirement goals.

“Despite these concerns, the vast majority (85%) of non-retired Canadians do not have a formal financial plan for retirement,” CIBC said in a statement.

Facing the troubled waters the economy has been swimming in for some time now, nearly four in 10 (37%) non-retired Canadians have delayed their retirement plans. Majority of citizens, i.e. 57%, focus on their present needs instead of planning for their future.

“Laying the foundation with a plan will take your worries away and help you get excited about the next phase of your life knowing you’re on the right track to achieving your retirement dream,” said Vice President, Financial and Carissa Lucreziano. An investment advisory at CIBC, the deadline to contribute to her RRSPs is approaching.