Only one-quarter of workers saving enough for retirement

18 to 34 year olds hoping to retire at 63: Survey
||Last Updated: 10/31/2013

Only 26 per cent of Canadians think they are saving enough to meet their future retirement needs, according to a survey from Angus Reid.

Those surveyed with a household income of less than $50,000 save on average of seven per cent of their income towards retirement, while household incomes of $50,000 to $99,000 save nine per cent.

But 15 per cent of Canadians are not making any retirement savings, found the survey of 3,029 workers.

When it comes to retirement age, most Canadians still hope to retire at age 65; however, expectations change as people get older. Those aged 18 to 34 feel they will be able to retire at 63, while those aged 55+ feel they can retire at 67.

The average retirement income desired by those surveyed was $59,000; 36 per cent of all polled desire an annual retirement income of $25,000 to $50,000, with 31 per cent desiring $50,000 to $75,000 per year.

Across Canada, those in British Columbia, Alberta and Ontario were more likely to expect a higher income in retirement than those in Quebec and Atlantic Canada.

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