According to a recent poll conducted by the Royal Bank of Canada, retirement worries are currently plaguing more than a third of Canadians.
RBC’s 2nd annual Retirement Myths & Realities poll discovered that, while many Canadians – 90 percent – over the age of 50 are anticipating a successful retirement, 36 percent feel they do not have enough saved to live happily after retiring.
Furthermore, many Canadians over the age of 50 responding to the poll expect to live into their mid-80s. Forty-six percent attribute this belief to their family’s longevity and 17 percent to their current good health. With seniors living longer and the cost of living increasing, financial worries have also increased among this demographic.
“As life expectancy rates continue to rise, it becomes very important to plan for longevity, which includes taking into account the impact of changing health circumstances,” said Lee Anne Davies, head of retirement strategies at RBC.
To combat unforeseen expenses during retirement, experts have advised seniors to take financial planning seriously. Others have recommended seniors downsize from their current property and compare rates to obtain a less expensive lifestyle in order to prolong savings.