For many people, retirement is a time to fulfill their many dreams and passions. But what if they continue putting off doing the things that they have always wanted to do because they are worried about money?
In a recent study by Investor’s Group, it was revealed that a common concern shared by many Canadian retirees is about making their money last as long as they need it − causing many of them to avoid doing the things that they want in fear of overspending.
The study shows that more than half, or 59 per cent, of Canadian retirees are anxious about making their retirement fund stretch over their remaining years; while 64 per cent of the respondents find it hard to strike a balance between making their money last and enjoying their retirement.
Canadian retirees’ concern over money is further shown by survey findings that if they come into an unexpected amount of money, 33 per cent of them say they would pay debts and 16 per cent say they would invest.
Of the 1,004 respondents, 71 per cent of those who did not work with a financial advisor worry about making their retirement funds last; while only 58 per cent of those who consulted with an advisor expressed the same concern.
Despite financial worries, 80 per cent of the respondents said that retirement is meeting their expectations – with 90 per cent spending more time with friends and loved ones, and 84 per cent spending more time enjoying their hobbies.