Will Canadians retire longer than planned? |Monitor your retirement plan with benefits and pensions
Economic challenges continue for Canadian workers as retirees live longer than expected
Manulife’s latest Financial Resilience and Longevity Report highlights that baby boomers are generally in a stronger financial position compared to Gen X and Gen Z/Millennials.
Additionally, nearly half (47%) of retirees retired earlier than expected, reducing their savings period.
Amy DeCamillo, Global Head of Retirement at Manulife Investment Management, emphasized the need for Canadians to plan for longer-term retirement. “They have to plan how they will live and finance their next 20 or even 30 years of life.” retirement. ”
A worker’s financial resilience is defined as their ability to cope with challenges such as debt, medical expenses, and emergencies, which impacts their ability to save for retirement.
Survey results show that 41 percent of workers say their financial situation is fair or poor, and more than half, especially Gen Xers, report debt as a significant problem, with 60 percent struggling with debt. I’m here.
Despite improved economic conditions since April 2023, 34 percent of workers are concerned about not saving enough for retirement, and only 33 percent have a formal retirement plan is.
The report suggests that workers who use financial advisors and comprehensive retirement plans are more likely to feel financially secure. Employers could play a key role in improving retirement outcomes by offering financial wellness programs that workers are interested in but hesitant to pay for. .
While 56% of retirees are enjoying their retirement and pursuing their passions, early retirees face additional financial challenges, with nearly half saying they wish they had saved more.
Brett Marchand, SVP, Manulife Group Retirement, emphasized the importance of building financial resilience so individuals can save while working, especially as life expectancy increases.
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