Boomers fall short on retirement planning

While 39% of baby boomers agree retirement planning should begin when people enter the workforce, only 9% did that themselves, according to a Scotiabank study.

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Other key findings include:

• Nearly one-third (31%) of boomers don’t know what percentage of pre-retirement income they’ll need, and just over one-quarter (28%) will be carrying some form of debt into retirement;
• Working in retirement is common among boomers, with 40% of retirees working past retirement, 84% of which are working part-time;
• Among those boomers not yet retired, 15% plan to never stop working;

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• The top reasons retirees are working in retirement are to remain mentally active (76%); social interaction (61%); and financial necessity (39%);
• More than half of boomers who haven’t retired yet (55%) agreed that “not having enough money saved up to retire comfortably” could result in delays in when they decide to retire; and
• Boomers’ top triggers to start thinking about retirement are when they have enough money (42%), when their pension begins (16%), and health reasons (10%).

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.