Canadians worry about increased expenses in retirement

Most Canadians (88%) are worried about expenses in retirement, finds a Franklin Templeton Investments survey. And 39% of retirees say their overall expenses have increased since they retired.

Read: How Canada’s wealthy will retire

“Even if you do save enough to retire at 65, it can be hard to gauge how expenses will rise over the next decades, especially with the moving targets of health care expenses and inflation,” says Philip Bensen, senior vice president for Franklin Templeton Investments Corp.

Additional findings include:

68% of Canadians experience stress and anxiety when thinking about retirement savings, compared to 67% of Americans and 60% of U.K. respondents;
38% of Canadians aged 35 to 54 fear running out of money; about one-quarter worry about health and medical issues;
70% of Canadian men have started saving, versus 58% of women;
Three-quarters of married Canadians have started saving, versus 52% of single people or those living with a partner; and
92% Canadian pre-retirees who work with an advisor are saving for retirement, compared 43% who don’t have an advisor.

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