A report finds the major concerns of Canadians approaching retirement include health and fitness, having enough money, market volatility and inflation levels in that order.
The Horizons Retirement Report finds they tend to be very optimistic about their prospects for quality of life in retirement, with 97% expecting the retired life to be “better than” or “about the same” as the life of an average retired Canadian.
The report also finds:
- the median expected retirement income for Canadians planning for retirement is between $4,000 and $5,000 per month;
- debt still is an issue with a quarter of the pre-retirees believing they’re going to carry at least $10,000 worth of debt into retirement; and
- 71% of Canadians describe themselves as being at least reasonably familiar with investing and the types of investments available but only 16% of those surveyed could answer four basic investment questions.
“The two most disturbing results from the report are the level of debt retirees are taking into retirement and the lack of basic financial knowledge,” says Clay Gillespie, managing director of Rogers Group Financial.