Filed Under:Life Insurance, Life Planning Strategies

Many Canadian pre-retirees don’t feel prepared for retirement

Nearly one in four Canadian pre-retirees lack confidence in their ability to live comfortably in retirement, new research shows.

LIMRA, Windsor, Conn., released this finding in a summary of results from a new survey, which reveals that 24 percent of Canadian pre-retirees (working, age 50-65 with at least $50,000 in investible assets) are not confident they will be able to live comfortably in retirement.

Additionally, about half of the retirees expect to have a lower standard of living compared with their existing lifestyle.

These results are similar to LIMRA research of pre-retirees in the U.S., which found that less than half of pre-retirees (age 55 to 70 and not retired) felt confident they will be able to live their desired lifestyle in retirement.

 “Just as we have seen in the U.S., pre-retirees in Canada have not consistently saved or developed a formal plan for retirement,” says Sally Bryck, associate research director, LIMRA Retirement Research. “Our research found most pre-retirees in Canada saying they need more knowledge to help them prepare for retirement.”

LIMRA’s study finds that while 7 in 10 pre-retirees in Canada have a dollar amount in mind that they will need to have saved or invested to ensure living comfortably in retirement, few (seven percent) have formal written plans.  In addition, one quarter of pre-retirees has never saved regularly for retirement; and a quarter remains uncertain when they can retire. 

According to the survey, the majority of pre-retirees in Canada have neither estimated the amount of guaranteed income they will need in retirement nor the income they will receive in retirement.  

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]


In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI


Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's


An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting


Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources


Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.