time-nest-egg

Forty percent of boomers had an unexpected retirement date, according to a BMO Wealth Institute report.

  • 29% experienced a sooner than anticipated retirement date as a result of reasons such as health issues and job loss.
  • One in ten (11%) had to delay their planned date as a result of reasons such as having to earn more money or not being prepared enough to retire.

Read:

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The report shows 60% of retired Canadians are using an employer pension to help fund retirement. Of those:

  • 25% have a defined contribution plan
  • 21% have a defined benefit plan
  • 14% do not know what kind of plan they have

When examining the timing of planning and saving for retirement, there was a disconnect between when retired Canadians thought they should have started saving versus when they actually started. Nearly three quarters (72%) said they should have started when they were 30 years old or younger, compared to the 41% who started saving before they were 30.

Also read:

Why clients need to stretch retirement savings

Clients aren’t realistic about retirement needs

Canadians plan to work during retirement

Will Wynne’s ORPP help or hinder investors?

Originally published on Advisor.ca

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