39% of Canadians are confident in their retirement plan: survey
Almost two in five (39 per cent) Canadians are confident in their retirement plan, according to a survey conducted by Pollara Strategic Insights for the Bank of Montreal Financial Group.
The survey, which polled 1,500 adult Canadians, found while respondents said they need $1.6 million to retire securely, just under half (44 per cent) were confident they’ll have enough money saved to retire as planned. Indeed, 42 per cent of respondents who are widowed, divorced or separated said they don’t have enough money to contribute to their registered retirement savings plan this year.
Nearly a quarter (23 per cent) of respondents said they’re planning to retire between the ages of 60 and 69, while the same number are planning to retire by age 54. However, more than half (53 per cent) of respondents don’t know how much money they’ll need to retire.
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