Every client wants their advisor to assure them they’ll have enough money to see them through retirement.
How Canadians are saving for retirement may be an issue, however. An Ipsos survey for RBC Insurance finds 45% of Canadians use RRSPs and 39% use TFSAs, but that 43% use cash. A mere 12% of respondents say they’re using or plan to use an annuity in retirement.
Making the most of financial tools is critical, especially as Canadians live longer.
Another consideration is Canadians definitely plan to spend in retirement. The survey says Canadians 55 to 75 find the following things are important:
- living at home as long as possible (80%);
- owning a car (72%);
- travelling at least once a year (68%); and
- dining out a few times a week (53%).
What about single clients?
If clients are single, either because they’ve never married or they’re separated, divorced or widowed, they may find saving for retirement challenging. A recent TD study says 47% of those planning to retire solo are worried about outliving their savings, and 39% of Canadians in that demographic believe they’re at a disadvantage compared to dual-income couples.
To find out more, read: Help single clients plan for retirement.
About the survey: The Ipsos poll was conducted between Nov. 13 and Nov. 17, 2017, using a sample of 1,000 Canadians aged 55 to 75, including 500 Canadians aged 55-64 and 500 Canadians aged 65-75.