When it comes to longevity and retirement planning, a new poll from Sun Life Financial and advocacy group CARP has found that planning and expectations aren’t matching up.
Almost one-third (30.8%) of respondents will rely on selling investments in real estate to support their retirement and over half (52.1%) have not factored long-term care costs into their retirement plan.
Additionally, 87.7% expect to live past age 80 and 32.7% expect to live past age 90. Forty percent of respondents are worried about outliving their savings.
“Even with recent reports about the softening of the home sales market, these poll results show that one third of respondents are counting upon selling property to support themselves during their retirement,” said Kevin Dougherty, president, of Sun Life Financial Canada. “At the same time, many have not factored in what it might cost if they need long-term care with forty per cent of respondents worried about having enough money – creating some gaps in their retirement planning.”
Sun Life Financial and CARP surveyed CARP members over four days. CARP is a 300,000-plus member organization