Feb 19, 2014
By AM740 Staff
Almost one quarter of Canadians say they are looking to their homes as the primary source of retirement income. Twenty-four per cent of respondents to Sun Life Financial’s annual unretirement survey said they agree with the statement “my residential real estate will serve as my primary source of retirement income.” Another 17 per cent said they don’t know and 59 per cent said they disagree. Kevin Dougherty is president of Sun Life Financial Canada. He says many people don’t have access to pension plans at work and many also do not have significant personal savings making home equity and important source of retirement income. But Dougherty says home equity can disappear very quickly so that strategy needs to be carefully examined. The survey was conducted by Ipsos Reid using online interviews with 3-thousand employed Canadians between 30 and 65 years of age. The survey is considered accurate to within plus or minus 2 percentage points had all Canadian adults been polled.