Fewer Canadians Plan to ‘Retire’ (Sunlife Unretirement Index)


Holy unretirement! This week was full of news on the Unretiredlife front. A new survey from Sun Life Financial revealed that the number of Canadians who expect to retire at age 66 has dropped to just 27 per cent. That’s a significant decline from 51 per cent when the survey first began in 2008. 

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The Sun Life Financial’s annual Canadian UnretirementTM Index was released on Tuesday and made headlines across the country. The survey revealed that more Canadians are expecting to work past 66 because of necessity and fear of outliving their savings:  

63 per cent expect they will need to work past 66 compared with 37 per cent wanting to work. With Canadians expecting to be retired for an average of 20 years, over a third (38 per cent) say there is a serious risk of outliving their retirement savings.

Financial preparedness is becoming more salient as boomers approach the age when past generations would have retired.

Earlier this year, another survey came out that juxtaposed this fear of not being prepared for retirement — but only for a select group of Canadians. Guess what: they aren’t necessarily wealthier folks – they are Canadians who engage in comprehensive financial planning. And as a result these Canadians claim to have a GPS for their financial wellbeing. Financial Planning Standards Council (FPSC) conducted a study (the Value of Financial Planning) that said those who have comprehensive financial plans are far further ahead in their financial wellbeing (confidence, plans, savings, and more) than those who don’t plan or who only do limited planning.  This is for both the longer term (retirement) as well as for shorter term goals.

DISCLAIMER: I have a professional involvement with FPSC and helped write the release — but the research is clear and substantive. The proof is there…

Plan for your future. Hire a professional (a CFP professional ideally) and you will experience much more emotional and financial wellbeing both in your retirement and in every life stage along the way. 

Now that sounds like a plan!

Learn more:

Check out Brighterlife for some amazing tips and more information on the study. Brighterlife is part of the Sun Life group.

See further detail on Sun Life’s Unretirement Index here.

Find a CFP in your area and learn what to ask before engaging your planner.

To your wellbeing now and in your unretiredlife!

Eileen

Eileen

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