CANADIANS PLAN TO RELY ON CANADA PENSION PLAN IN RETIREMENT, SOME HEAVILY

Jan 30, 2014

By Jane Brown

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Looking ahead to retirement, most Canadians say they will be relying on the Canada Pension Plan.  A Bank of Montreal survey finds nearly 9 in 10 Canadians say they would have to rely on the CPP or the Quebec Pension Plan when they stop working.  And nearly a third say they will count “heavily” on the government pension plan.

Meantime, close to 9 in 10 Canadians say they would use personal savings such as RRSPs or tax-free savings accounts to help fund retirement, while 6 in 10  say they would likely take a part-time job.  Half plan to sell their homes or other property for cash to fund retirement.  Less than half are counting on an inheritance, while a third hope to win a lottery. Three in 10 Canadians say they expect to get financial assistance from their children or other family members.

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