According to a recent Bank of Nova Scotia study assessing Canadian investors’ attitudes toward investing, 73% of Canadian investors surveyed say the age at which they plan to retire has not changed despite the uncertain economic and market conditions of the past two years.
However, among the 22% of Canadian investors who are pushing back their retirement date due to the economy, well over half (56%) are those closer to retirement age (45-64).
“It’s encouraging to see that the majority of Canadian investors have not changed their retirement plans, which indicates that they remained invested during 2009 and stuck to their long-term plans,” says Beverley Moir, senior wealth advisor, ScotiaMcLeod.
“Those who remained focused on the long-term likely benefited from the strong market rebound that occurred during the latter half of 2009 allowing them to recover from the downturn that began in 2008.”
According to the study, the average Canadian investor plans to retire at the age of 61 with half (49%) saying they plan to retire before the age of 65, up from 43% in 2008. Also, the number of Canadian investors who say they do not plan to fully retire has reduced by half (five% in 2009 vs. 10% in 2008).
“To achieve their retirement goals, Canadian investors need to ensure they have a balanced portfolio that includes long-term growth assets,” says Moir. “Many investors are sitting on the sidelines in cash, bonds or GICs; however, the current historic low interest rates will not provide the growth needed for many to reach their set retirement goals.
“Now is the perfect time for Canadians to review their retirement plan to ensure they are on the right track to making their retirement dreams a reality,” concludes Moir.
IE
Canadians plan to retire on time despite volatile markets: study
Nearly three-quarters of investors have not changed the age at which they plan to retire
- By: IE Staff
- February 4, 2010 October 31, 2019
- 11:11