Canadians over 45 years of age are most concerned about how the cost of living and caring for family members will affect their retirement, says Michelle Munro, director of tax and retirement research at Fidelity Investments Canada.This is Globe Advisor ’s weekly newsletter for professional financial advisors, published every Friday.
We did a deeper dive into what’s driving the decline. And it’s the pre-retirees, those who are age 45 or older, as opposed to the Millennial generation. We also found it’s women who are feeling the pinch more and feeling more negatively. Women who are pre-retirees were more likely to say, ‘I’m never going to retire, I’m going to delay retirement.’ They’re concerned about the rising cost of living.
It ranged from daily living expenses and smaller-ticket items to bigger-ticket items, including weddings and down payments for homes. Of interest, only four in 10 pre-retirees said they expect to help their non-student adult children. So, there’s a gap there between retirees and pre-retirees. The survey found most pre-retirees anticipate working in retirement in some form. Are people just resigned to this because life is more expensive versus an actual desire to keep working?
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