Nearly one-third of Canadians ages 55 to 70 don’t know when they’ll retire, finds a LIMRA Secure Retirement Industry report.

The oldest members of the group (ages 65 to 70) are the most undecided about when they will retire, with about one in 10 having no intention of ever retiring.

“Many in Canada are scaling back their expectations about retirement and are either undecided about when they’ll retire or don’t ever plan on retiring,” says Sally Bryck, LIMRA Secure Retirement Institute’s associate research director. “These findings point to a strategic, education and savings shortfall.”

Read: Many Canadians won’t meet their financial goals

The report, Ready, Set, Retire? Not So Fast!…Revisited: A Canadian Consumer Retirement Study, is a followup to two previous studies LIMRA conducted in Canada, one in 2010 and the other in 2012.

“Our 2014 study has found that even when they are eligible to retire, some Canadian pre-retirees will not have enough money to retire and will remain working—if their health and employer even allow them to continue to work,” she explains.

Read: Money worries stress out Canadians

As in 2012, the majority of Canadian pre-retirees acknowledge in the latest study that they will need more guaranteed lifetime income in retirement than they expect to receive through their government pension plans. More than one-fifth of those surveyed say having guaranteed income for life is the most important feature when selecting products to create income in retirement.

“This gap creates an abundance of opportunities for the financial services industry to help pre-retirees chart a course to a solvent retirement,” notes Bryck.

Three in 10 pre-retirees do not have primary financial advisors to reach their financial goals. But among those pre-retirees who have financial advisors, six in 10 consider the advice they receive to be very valuable.

Read: Canadians lack retirement confidence

“It’s good that awareness is growing around the need for thinking ahead. But the industry, through outreach, can do more to educate and advise pre-retirees about what they should be doing and when they should be doing it. This can go a long way toward improving retirement readiness across Canada,” said Bryck.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required