While 80% of retirees say retirement is meeting their expectations, 64% find it hard to strike a balance between enjoying retirement and making money last.
Here are some additional findings.
- 59% are worried about making their retirement fund stretch for their remaining years; and
- if retirees came into an unexpected sum of money, 33% would pay off debt and 16% would invest it.
“Many retirees pull back on spending far beyond what is required to sustain them throughout their retirement,” says Tim Cottee, vice-president, Retiree Planning, Investors Group. “The question is – are they underliving in retirement? You see people put off experiences they’ve dreamed about their entire life, and then they end up with abundant financial resources, but little time or health to achieve their dreams.”
On working with an advisor
A deeper analysis shows a stark distinction between those who planned for retirement with a financial advisor and those who did it themselves: 71% who did not work with an advisor felt it was difficult to strike a balance between enjoying retirement and making money last, while 58% who used an advisor acknowledged the same concern.
Here are some articles to help retirees.