RECENT STUDY SHOWS A QUARTER OF RETIREES STRUGGLE FINANCIALLY

Jul 02, 2015

By April Anderson

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Almost half of Canadian retirees have been forced into leaving work earlier than they expected to and a quarter of that group is now struggling financially.

The unsettling news comes from an Angus Reid poll reported by CARP – A New Vision of Aging.

About 2000 Canadians were surveyed; 40 percent of whom were retired, and the rest still working.

The study also found almost half of retired Canadians were worried about their savings running out.

Government pensions make up a large portion of retirement funding, with 57 percent of respondents saying pension money was their main source of income.

As well, 28 percent of those close to retirement said they anticipate financial troubles when they stop working.

About 6.4 million Canadians are retired or semi-retired and that number is expected to rise significantly in coming years.

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