Canadians concerned about retirement finances

Canadians concerned about retirement finances

Canadians concerned about retirement finances Helping your clients plan for retirement is probably part of your daily tasks – but while you might be able to reassure them about their financial future it seems the majority of Canadians still have deep concerns.

A new report from BMO Wealth Management has revealed a number of worries that Canadians have about that inevitable life stage. The most significant challenges they worry about are: ensuring they don’t run out of money to live comfortably (67 per cent); dealing with serious health problems (66 per cent); and having difficulty finding a sense of purpose (42 per cent). So it could be said that Canadians are even more worried about their finances during retirement than they are about their health.

This is despite the fact that most Canadians are positive in general about retirement – 55 per cent said they are excited about it.

“Retirement can be an exciting chapter in your life; but the preparations that need to be made to ensure you're set up for success can often come with a certain degree of anxiety,” said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Wealth Management. “The most common concerns Canadians have tend to revolve around finances.”

So what makes a satisfied retiree? According to the report, 64 per cent have given at least some thought to the non-financial aspects of retirement – being busy and active is seen as the most important element, with independence and forward thinking also listed.