More than half (59 per cent) of retirees are worried about making their retirement savings stretch for their remaining years, according to a new survey by Investors Group.
Some 64 per cent of respondents said they find it hard to strike a balance between enjoying retirement and making money last.
Despite the financial worries, 80 per cent of respondents to the survey said retirement is meeting their expectations.
Read: Retirement readiness in the DC world
“Many retirees pull back on spending far beyond what is required to sustain them throughout their retirement,” said Tim Cottee, vice-president of retiree planning at Investors Group. “The question is — are they underliving in retirement?
“You see people put off experiences they’ve dreamed about their entire life, and then they end up with abundant financial resources, but little time or health to achieve their dreams.”
An overwhelming majority (90 per cent) of respondents said they’re spending more time with friends and loved ones in retirement. Another 84 per cent said they’re able to spend more time on the hobbies they enjoy.
Read: How Canadian Tire connects retirement to profits
The survey also found that 71 per cent of respondents who didn’t work with a financial advisor felt it was difficult to strike a balance between enjoying their retirement and making money last.
“Making plans based on professional advice can help you avoid overspending or underliving,” said Cottee. “An advisor will support you in making decisions based on fact, not fear, and ensure you have access to all the strategies you need to live an enjoyable and rewarding life in retirement.”
Read: 88% of U.S. employees are stressed due to personal finances: survey