May 26, 2016
By Jane Brown
Many Canadian Zoomers are coming to terms with having insufficient savings by retirement.
A new Manulife survey says this could lead to homeowners retiring later than they had planned and having to downgrade their standard of living. Other options include downsizing their homes and borrowing against home equity.
But those are not attractive options to the vast majority. Ninty-four percent of Canadian homeowners say they want to stay in their homes after retirement. But fewer than two thirds expect to have their mortgages paid off by that time.
Only four in ten of those surveyed say they feel confident they will have enough saved up by retirement age, even though they expect to have significant home equity built up in that time.
Rubina Ahmed Haq, Personal Finance Expert and Family Finance Advisor for PC Financial, will comment on Zoomer Radio’s Fight Back with Libby Znaimer after the noon news.