The majority of Canadians are underprepared for retirement and risk outliving their savings, according to a new report by Deloitte Canada.
The report revealed 55% of near-retiree households need to make lifestyle changes or face financial hardship, a figure projected to grow to 73% considering unexpected expenses.
It highlights increased retirement costs and unexpected late retirement fees as key contributors to the problem and advises early saving incentive and improved accessibility to retirement advice as solutions.
Currently, only 14% of the three million near-retirement households can confidently retire, with 31% expected to rely on government pensions.
My Take…
Outliving retirement funds is a global issue, not just in Canada.
One way to offset your lack of savings is to relocate to a more affordable location.
If planned correctly, this can be a solution to the lack of funds and also offer a better lifestyle.
For more details click on the link:
https://www.bnnbloomberg.ca/most-canadians-not-ready-for-retirement-deloitte-1.2005100
