Many pre-retirees in Quebec feel that they have not saved enough

According to a recent survey by the Royal Bank of Canada (RBC), 76% of Quebecs aged 50 and over feel that they are not saving enough when they reach retirement.

However, this is likely to be the lowest percentage nationwide, with British Columbians (85%), Ontarians (85%) and Albertans (88%) believing they have saved less than they should have in retirement. The national average is 83%.

Probe results released on Tuesday revealed that more than a third (38%) of Cubans expect to live at least 10 years after their savings, the highest percentage (32%) in Canada.

Half of all pre-retirees (53%) in Quebec are also concerned about spending their retirement savings, compared to 55% across Canada.

“To make up for any shortfall, it’s important to know where your retirement income comes from and how long it will take,” said Rick Lowes, vice president of retirement strategy at RBC.

“Trying to figure out what your retirement income sources will be and how it will affect your cash flow and taxes may seem like a daunting task, but doing so is essential to help you manage any deficit,” he added.

In addition, 19% of respondents in Quebec said they had developed a retirement plan with a financial planner, while 20% of Quebecs said they had only one plan in their head.

The survey was conducted among 2,200 Canadians between May 21 and June 1, 2021.