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Helping Canadian pre-retirees think about their second job

The sense of urgency was particularly acute in some respondents. According to a survey conducted by Ipsos, a third (32%) shared a belief that they would be out of their money for more than a decade.

Lowes says the last time RBC asked this question was in 2010, though at the time it was posed to a subset of the same population of respondents who had at least $100,000 in assets; Compared to that number, the latest results are five percentage points higher. The most recent survey showed greater concern among those with less than $100,000 in investable assets, as 88% of them thought they would run out of retirement savings at least 10 years ago, compared to only 77% with minimums. Adverse. $100,000 in investable assets.

“With high inflation, people are going to worry about whether their dollars are going to go far enough,” Lowes says. “I would be sure that if we do the survey now, more people will not be ready for retirement.”

The survey found that 50% of pre-retirees over the age of 50 have a financial plan in place to help them move into retirement. However, only 20% said they created a financial plan with the help of a financial advisor or planner; 22% said they had a financial plan only in their head, and another 8% said they had a plan they made up themselves.

“Based on some of the research we’ve done and what we’ve heard from our advisors, I think there are a few things that are holding Canadians back from working with an advisor,” Lowes said. “I think many of them may feel that they do not have enough assets to be eligible for financial planning help. They may also feel some anxiety about what they will find – they are afraid to ask questions. and are afraid to receive an answer contrary to what they are hoping to hear.”

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