In a recent TD survey, more than two thirds of Canadians aged 35 to 54 reported that they don’t save enough for retirement, and one fourth say the thought of not being ready for retirement is keeping them up at night. This has led the majority of Gen-X Canadians (60%) to expect that they will not retire on time, while half as many (29%) anticipate having to work in some capacity during retirement.
“There are different reasons why people struggle to save for retirement, but it's never too late to get started,” said Jenny Diplock, associate vice president for personal savings and investing at TD Canada Trust.
The top hurdle cited by respondents was everyday financial demands such as living expenses, mortgage, rent, and childcare costs (61%). Next was existing debt (42%) followed by sudden major life events, such as divorce or death of a spouse (19%). Consequently, most of the respondents wish they had started saving earlier, with more than half (54%) of Gen-X Canadians polled saying they need help to meet their financial goals.
“Having a plan in place can definitely help,” said Diplock, adding that it’s never too late to get started or modify one’s existing strategy to “prepare for the next phase of life.”
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