Oct 31, 2012
By Jane Brown
It seems most Canadians are not financially ready for retirement. A new survey suggests just 4 in 10 Canadians, who are 45-plus, feel they will have enough money to retire when the time comes. And they expect the value of their homes to fund that retirement.
The BMO Retirement Institute survey also finds that one-third of zoomer Canadians believe living comfortably in retirement is the “most important” financial goal.
But another 4 out of 10 say they’re not confident they can save enough to fund their ideal retirement plans. Three in ten expect to have to delay retirement or work part-time due to a shortfall in savings.
BMO warns that using a home as a nest egg is a risky idea and that personal savings must play a role in retirement planning.