Concern over running out of money during retirement is felt by approximately one in three non-retired Canadians according to a national survey released today.

According to the survey, which was sponsored by Investors Group, Canadians who don’t have a plan for what they intend to do with their time during retirement are more likely to be worried than those who have a personal retirement vision.

The survey showed that 30% of non-retired Canadians indicated they were either very or extremely concerned about running out of money. Anxiety among non-retired Canadians without a plan was higher with 37% saying they were either very or extremely concerned.

Only 25% of non-retired Canadians said they had a definite plan for what they would do with their time in retirement, 45% said they had some idea and 29% said they had no plan. Non-retired Canadians who don’t have a retirement lifestyle vision are also likely to feel they have no control over their retirement date..

Many retired Canadians, given the advantage of hindsight, say they would have taken steps to enhance their retirement. Asked what they would do differently, current retirees say they would have: started saving earlier (45%); saved more (48%); and sought professional advice earlier (31%)..

Despite the lack of planning, non-retired Canadians continue to be ambitious in the date of their expected retirement: 10% plan to retire before age 55, 25% of Canadians expect to retire between the age of 55- 59, while another 19% plan to retire between 60-64. Athough 7% of Canadians plan to work past 65, the survey also found that 33% of non- retired Canadians agree that governments should pass a law banning companies from having mandatory retirement policies for age 65.

The survey results are based on a Decima teleVox national telephone survey conducted with a representative sample of 2000 Canadians (18 years and older) between September 12 and 22, 2003. A sample of this size will provide results that can be considered accurate for the population overall to within plus or minus 2.2% 19 times out of 20.

http://www.newswire.ca/en/releases/archive/January2004/14/c9751.html