Latest survey reveals uncertainty in Canada’s ‘unretirement’ landscape
Less certainty about covering basic living expenses in retirement. Less inclination to work with an advisor. Less tendency to put financial plans in writing.
These are among the less-than-rosy results from the fifth annual 2013 Sun Life Canadian Unretirement™ Index, a survey that tracks working Canadians’ confidence, expectations and concerns about retirement.
“The dream of being able to afford a full retirement at age 66 is declining among Canadians and it’s being replaced by the reality that many people expect to be working beyond the traditional retirement age,” says Kevin Dougherty, President, Sun Life Financial Canada.
“The aftermath of the financial crisis of 2008 has had a lasting impact with more Canadians expecting they will need to work longer as a result.”
Specific findings of this year’s survey confirm that:
- 71 per cent of Canadians are somewhat or not at all confident about meeting basic living expenses in retirement.
- Almost one-third of Canadians are not at all confident they’ll have enough money for medical expenses.
- Nearly 8 in 10 Canadians don’t have a written plan.
- Fewer than one-third of Canadians currently work with an advisor, yet many feel they lack the financial knowledge needed to plan for retirement.
But that’s not all it confirms. Canadians’ uncertainties and lack of planning also reinforce the need for knowledgeable, holistic advice in a rapidly growing marketplace.
Share your insights
Your knowledge of effective planning solutions can help counter Canadians’ lack of confidence and this national planning deficit. Advice from a skilled professional can help them plan for lifetime financial security and awareness of retirement-related issues is becoming increasingly important as the population ages and enters retirement. The challenge is finding ways to reconnect with existing clients and reach out to new ones.
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Money for Life™ – Sun Life Financial’s redefined approach to retirement planning – addresses concerns Canadians have about saving for and transitioning into retirement.
Money for Life is all about combining multiple product solutions — life, health and wealth — to address every client’s unique needs, plan for retirement and prepare to meet their basic living, health, lifestyle and legacy needs with confidence. For clients lacking confidence and advisors who wish to help them, Money for Life is well worth exploring.
About the 2013 Sun Life Canadian Unretirement™ Index
The 2013 Sun Life Canadian Unretirement™ Index explores the outlook and behaviour of working Canadians between the ages of 30 and 65. For the fifth annual poll (conducted by Ipsos Reid between November 29 and December 6, 2012, on behalf of Sun Life Financial), 3,017 working Canadians shared their views about retirement. The term “unretirement” reflects the growing trend away from early retirement and working past the traditional retirement age of 65.