Eighty-eight percent of Canadians who haven’t retired are worried about expenses in retirement, finds a Franklin Templeton Investments survey. And 39% of retirees say their overall expenses have increased since they retired.
“Even if you do save enough to retire at 65, it can be hard to gauge how expenses will rise over the next decades, especially with the moving targets of healthcare expenses and inflation,” says Philip Bensen, senior vice-president for Franklin Templeton Investments Corp.
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Additional findings include the following:
- 68% of Canadians experience stress and anxiety when thinking about retirement savings, compared with 67% of Americans and 60% of U.K. respondents;
- 38% of Canadians ages 35 to 54 fear running out of money; about one-quarter worry about health and medical issues;
- 70% of Canadian men have started saving, versus 58% of women; and
- three-quarters of married Canadians have started saving, versus 52% of single people or those living with a partner.
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“In their 30s, 40s and 50s, the day-to-day expenses of life, such as paying for a house, a car and children, often make it challenging to set aside enough for retirement,” he adds. “The idea of catching up can be stressful and anxiety-inducing, stopping people from taking even simple steps.”
A version of this story originally appeared on our sister site, Advisor.ca.
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