The vast majority of retired Canadians who have worked with a financial planner for at least a decade are confident they have enough funds to sustain them through retirement, according to a new study from Credential Financial Inc. and Insights West, both based in Vancouver.
The report, Canadians on Retirement, finds that 53% of retired Canadians have worked with a financial planner and 77% of individuals within this group are happy with the level of funding they have for their retirement years. In addition, approximately two-thirds (65%) of those who have had the guidance of a financial planner say their retirement is “everything they thought it would be.”
“It is evident that discussions with a financial planner play a big role in making Canadian retirees feel more secure in their retirement,” says Mario Canseco, vice president of public affairs at Insights West, in a statement. “Canadian retirees who talked to a financial planner are more likely to have enough money and a lower debt burden than those who did not.”
However, there are still a significant percentage (30%) of working Canadians who have not yet set aside any money for retirement, according to the report.
“Data further shows this lack of preparation may stem from a belief that working Canadians believe they have longer to plan for retirement than they actually do. Sixty-two per cent of Canadian retirees say they retired earlier than expected,” the report states.
In fact, 18% of Canadians are actually working in their retirement years so that they can continue to earn an income and 30% of those in retirement have more debt than they had anticipated.
Insights West gathered the data for the report based on responses to an online survey conducted between Oct. 19 and 26 in which 403 retired Canadian adults and 704 Canadian adults who are still working were polled. The data have been statistically weighted according to Canadian census figures for age, gender and region.
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