Half of Canadians confident they can manage investments in retirement: survey

Many Canadians are interested in learning more about how to manage their money as they make the transition to retirement, according to a new survey by Mackenzie Investments.

About half (47 per cent) of baby boomers said they want to know more about how to make the transition to retirement. This age group is slightly more confident than the average Canadian, with 61 per cent of all respondents saying the same.

Read: Canada’s retirement system ranked 9th in the world

Less than a quarter of survey respondents said they’re very familiar with how the Canada Pension Plan works, how they’ll be taxed in retirement and how to manage registered retirement savings plans or registered retirement income funds. And slightly more than half (53 per cent) said they’re confident they’ll be able to manage their investments during their retirement years.

“As people approach retirement it’s clear that there’s more of a premium put on the value of advice as areas like tax and estate planning and optimizing investments during retirement take on added importance,” said Carol Bezaire, vice-president of tax, estate and strategic philanthropy at Mackenzie Investments, in a press release.