Only 34% have a plan that considers a longer life, a survey finds
Canadians are saving for retirement, but many have not planned for how long it could last, according to a new survey from CPP Investments.
The 2026 CPP Investments Retirement Survey found that 76% of Canadians recognize people are living longer. Only 34% have a retirement plan that considers how many years they may need to prepare for.
For wealth professionals, the gap signals an opening. Clients who save but lack a plan may need help turning savings into income that lasts.
New index tracks confidence and preparation
This year’s survey introduces the Retirement Longevity Index, which uses two scores. The Confidence Score averages 44 out of 100. It measures how secure Canadians feel about funding a potentially long retirement. The Preparation Score averages 4.2 out of 10. It reflects actions taken, including saving, having a financial plan and considering how long retirement could last.
The two scores move closely together. Canadians who have taken more steps to prepare average a Confidence Score of 58. Those who have taken few or no steps average 35.
Saving is more common than planning. Three-quarters of Canadians (75%) have set aside money for retirement, but only 42% have a financial plan. Another 34% are saving without one.
“Living longer changes the way we need to think about retirement,” said Michel Leduc, senior managing director and chief public affairs officer, CPP Investments. “Putting money aside is an important start. But planning also means thinking about how long retirement could last, the sources of income you may have, like the CPP, and how those pieces fit together. Doing this boosts confidence in planning for a potentially long retirement.”
The survey also found Canadians are planning amid financial pressure. More than one-third (34%) report high day-to-day money stress, up from 31% in 2025. The share rises to 47% among households earning less than $50,000.
For advisors, those figures suggest planning conversations may need to address day-to-day stress alongside long-term goals.
CPP knowledge linked to higher confidence
CPP Investments said the CPP provides inflation-adjusted retirement income for life. Among Canadians who know payments are linked to inflation, 63% are confident their money will last. Only 21% of that group report high stress about retirement planning, well below average.
Among Canadians very familiar with the CPP, 77% are confident their savings will last, compared with 22% among those unfamiliar with it or unsure.
Yet knowledge gaps remain. Only 30% knew CPP payments are linked to inflation, and 53% knew payments reflect years of contributions and average earnings.
“The CPP is an important foundation of retirement income for Canadians,” Leduc continued. “Understanding what the CPP provides, alongside workplace pensions, personal savings and investments and other income, can help Canadians plan with greater confidence for a retirement that could last decades.”
The Office of the Chief Actuary of Canada projects the CPP will stay financially sustainable for at least 75 years. Its 32nd actuarial report found the plan sustainable at current legislated contribution rates.
CPP Investments, which manages the CPP Fund, reported net assets of $863.6 billion at June 30, 2026. The fund returned 7.5% in the first quarter of fiscal 2027, which the organization called its strongest quarter in more than a decade.
Innovative Research Group conducted the online survey from Aug. 27 to Sept. 8. It drew 5,141 respondents outside Quebec, weighted to 4,000. CPP Investments noted margins of error do not apply to most online surveys.
