Canadians anticipate saving enough to retire at age 63 and most feel they’ll enter retirement without debt, according to a CIBC survey of 1,116 employed and 683 retired Canadians.
However, as people draw closer to retirement, they become less optimistic about reaching their savings goals and see it as more likely they'll carry at least some debt into retirement. Boomers on the verge of retirement in the 55- to 64-year-old age group were less likely to believe they would be able to choose to retire based on their savings (21 per cent) and more likely to believe they would carry debt into retirement (31 per cent).
On the other hand, 43 per cent of Canadians aged 25-34 feel they will be able to choose to retire based on the savings they will accumulate over their working life and 15 per cent believe they'll carry any debt into retirement.
"Canadians set out with a vision of building up their savings and eliminating debt to retire at a time of their choosing but with each passing year they feel less optimistic about their plans," said Christina Kramer, executive vice-president of retail distribution and channel strategy at CIBC.
"As Canadians get closer to retirement, many are finding they have not achieved the retirement savings goals they set for themselves, which could lead to Canadians either working longer than they anticipated or making adjustments to their retirement such as reducing expenses to stretch their income further.”
Average age at which Canadians expect to retire:
Atlantic Canada: 62
Manitoba/Saskatchewan: Age 63
Alberta: Age 62
British Columbia: 64
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