Most Canadians can’t retire as planned

By Staff | October 21, 2014 | Last updated on October 21, 2014
1 min read

More than two-thirds of retired Canadians did not stop working on the date they planned, finds a Sun Life poll. Among those Canadians, 41% cited personal health as the primary reason for retiring earlier.

“Our research shows that Canadians who are not financially prepared to retire typically say they will work longer to compensate, but unfortunately, they may not have that choice,” says Kevin Dougherty, President, Sun Life Financial Canada.

Read: Many Canadians don’t have a workplace retirement plan

Though Canadians cite that deteriorating health is a top concern, only 22% have saved money or otherwise planned for healthcare expenses in retirement. This is a source of anxiety for many.

Additional findings include:

  • 53% worry about the cost of drugs and medical treatments in retirement;
  • 47% worry about being in long-term care longer than they are financially prepared for; and
  • 45% worry about outliving their retirement savings.

But health isn’t the only thing weighing on people’s minds. The survey also finds 76% of Canadians are stressed out. That’s because:

  • 41% worry about personal or household finances;
  • 31% worry about trying to maintain a budget; and
  • 30% worry about unexpected expenses.

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