Working Canadians may worry about whether they’re saving enough for retirement. But the majority of already-retired Canadians are happy with their post-work years, according to a new study by BMO Financial Group.
Of respondents to the survey, 82% say they are happy with their current lifestyle, and six in 10 feel their current lifestyle matches how they imagined their retirement years to be. Further, half of those polled said they believe they saved enough for their retirement.
“It’s nice to see that retired Canadians seem to be generally happy with their lifestyle,” said Chris Buttigieg, senior manager, wealth planning strategy, with BMO Financial Group. “Younger generations should take a page out of their parents’ book and view this as even more of a reason to start saving to ensure a satisfying lifestyle in retirement.”
Despite the positives, 42% of those polled feel they didn’t save enough during their working years for retirement. And 52% said they wish they’d started saving earlier. Current retirees appear to be worried about younger generations, too: 58% predict young Canadians will be less likely to realize their ideal retirement lifestyle compared to their parents and grandparents.
“For those who are just starting off a career, it’s never too early to think about establishing a long-term financial plan that includes a retirement component,” said Buttigieg.