Canada. 27% of homeowners planning to access pension early despite adequacy fears
Nearly a third (31 per cent) of homeowners over 40 plan to work beyond state pension age due to concerns over affordability and financial insecurity, whilst over a quarter (27 per cent) plan to access their pensions early, according to research from Canada Life.
The survey found that many older savers had fears around funding their retirement, with close to a third (31 per cent) of homeowners over 40 who are currently working stating that they cannot afford to retire when they want to, while 30 per cent were unsure if they could.
This was alongside concerns around working patterns, with 39 per cent of respondents worried about their job prospects in the run up to retirement, which the provider noted had been compounded by the fact that 987,500 over 45 year olds are currently on furlough.
Despite these concerns, however, over a quarter (27 per cent) of homeowners over 40 stated that they plan to access their pension savings as soon as they become available, while 25 per cent plan to access their private and state pension savings only once they hit state pension age.
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