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70% of Canadians worried about covering retirement costs

“I think the pandemic has forced most people to evaluate their priorities. It’s put us on high alert, so I think people focus a little bit more on the risk to health and longevity.

“But, we also have an aging population, so we are seeing a transition from accumulating wealth to thinking about wealth and retirement income as nearly all baby boomers becoming senior citizens in this decade.”

While Fabraro said this generation may redefine retirement as it is part-time, mentoring or traveling, some people are retiring because they don’t want to work from home or have decided life is too short. , while others may be forced to do so by industries leveraging technology or struggling in the pandemic. Equity market and real estate values ​​have also increased in the pandemic, which has changed their net worth.

The ERG National Study of Investors 2021, which Environics conducted for the IPC in the last part of August, sampled 1,001 English and French-speaking Canadians who make financial decisions.

This showed that 80% thought they would save enough, and could use the money as needed. Despite the high level of confidence, 70% were concerned about covering their personal expenses for the next ten to fifteen years, given health issues, inflation and market volatility. Another 29% felt more pessimistic and were giving up on their lifetime goals. This was up from 20% in 2020.

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