Maximizing retirement income is the most important investment and retirement issue among Canadians aged 55 or older, according to a survey by BMO Wealth Management.
A quarter (25 per cent) of survey respondents said maximizing income was one of the most important issues in retirement, followed by whether their long-term care needs will affect their finances (23 per cent) and whether they’ll outlive their savings and investments (22 per cent).
Respondents also listed living longer as a concern, however Canadians are mitigating this by staying in the workforce longer or earning income from self-employment, the survey found.
The top concern about living a longer life was health problems affecting quality of life and the costs of care (51 per cent). Other concerns cited were fear of running out of money (47 per cent), being a burden on family (40 per cent), loneliness (20 per cent) and having nothing left to leave to heirs (14 per cent).
“In order to have the long and fulfilling retirement that most Canadians want, effective financial decisions need to be made about savings strategies, retirement and estate planning goals,” said Chris Buttigieg, director of the wealth institute at BMO Wealth Management, in a press release.