How prepared are YOU?
TORONTO, ON–(Marketwired – June 24, 2014) –
- Boomers expect to be more active and healthier than their parents in retirement
- Gerontology expert says financial health a key to successful aging
According to a new Scotiabank study, the top priorities for Canadian baby boomers for retirement is living comfortably and having the health to enjoy it; however, 44% express concern about outliving their retirement savings.
Other key findings in a new Scotiabank study, The Retirement Landscape – A Focus on the Baby Boomer, include:
- Baby boomers say that maintaining a comfortable living (37%), meeting their health-related needs and keeping healthy (31%) and travelling (15%) are their top priorities for their retirement years;
- Most Canadian baby boomers believe they will be more active (62%), relatively better off financially (54%), retired longer (44%), and healthier (41%) than their parents in retirement.
How Boomers Prepare Financially for Retirement:
- One-half of boomers believe they have done a great deal (13%) or quite a bit (39%) of planning for their financial needs in retirement, while a further 31% have done some planning and 15% have done very little planning or none at all;
- The number one step toward preparing for retirement is saving as much as they can (26%), followed by having an RRSP (22%) and investments (13%).
“Canadians will be living longer and healthier lives than in previous generations, and with that comes the necessity to have the funds to live out their retirement years as they have planned,” said Andrew Pyle, Senior Wealth Advisor at ScotiaMcLeod. “Your retirement balance sheet is no different than when you were working — tracking what goes in versus what goes out. Whether through financial planners or online tools, we are encouraged that so many Canadians have a financial plan to keep them on track.”
“Canadians who have insufficient funds in their retirement years can not only constrain their lifestyle choices, but also significantly impact their overall health and well-being,” said Dr. Samir Sinha, Director of Geriatrics at Mount Sinai and the University Health Network Hospitals. “Successful aging should no longer be solely centered around our health but ensuring that we will have the financial resources to not only live longer, but also live well.”
About the study
For this survey, TNS Canada conducted online interviews among 1,201 Canadians who are 45 to 70 years of age. All respondents had a minimum of $50,000 in investable assets, and have sole or shared responsibility for household financial decisions. Among those surveyed, 37% are retired and 63% are not retired. In tabulation, data was weighted to be to represent the general population based on age, gender, and region. The survey was conducted from January 8 to 23, 2014.
BOOMERS’ CONCERN ABOUT OUTLIVING MONEY IN RETIREMENT
TOP 3 BOOMER PRIORITIES IN RETIREMENT
|Maintaining a comfortable living||37||%||40||%||33||%||40||%||35||%||43||%|
|Keeping health and maintaining a healthy lifestyle/meeting health related needs||31||%||26||%||35||%||32||%||30||%||23||%|
BOOMERS’ RETIREMENT DIFFERENT THAN THEIR PARENTS
|Are/will be more active than their parents in retirement||62||%||54||%||64||%||59||%||64||%||66||%|
|Are/will be relatively better off financially than their parents||54||%||49||%||63||%||50||%||54||%||46||%|
|Will be retired for a longer period of time than parents||44||%||37||%||47||%||39||%||57||%||39||%|
|Are/will be healthier than your parents in retirement||41||%||39||%||40||%||42||%||41||%||42||%|
BOOMERS PLANNNG FOR FINANCIAL NEEDS IN RETIREMENT
|Have done a great deal of planning||13||%||7||%||20||%||12||%||5||%||15||%|
|Have done quite a bit of planning||39||%||31||%||52||%||35||%||36||%||32||%|
|Have done some planning||31||%||42||%||17||%||36||%||43||%||28||%|
|Have done very little planning or none at all||15||%||19||%||9||%||16||%||14||%||25||%|