Retirement

90% of Sun Life Members Maximize Employer Match in Savings
Economy Survey

90% of Sun Life Members Maximize Employer Match in Savings

Workplace Retirement Savings Plans Are A Crucial Financial Backbone for Over 50% of Surveyed Plan Members
Less than half (46%) of Boomers plan to use guaranteed income retirement products, while a similar proportion (43%) of Millennials are interested in finding out more about them.
Financial Security Survey

Millennials and Boomers Shy Away from Retirement Investments

Less than half (46%) of Boomers plan to use guaranteed income retirement products, while a similar proportion (43%) of Millennials are interested in finding out more about them.
Canadian Boomers are expecting to leave about $960,000 to their heirs, but Millennials are only expecting to receive around $309,000.
Retirement Survey

Boomers’ Inheritance Plans Up in the ‘Heir’

Canadian Boomers are expecting to leave about $960,000 to their heirs, but Millennials are only expecting to receive around $309,000.
A third (32%) of Boomers cite healthcare costs as the cause for their cost-of-living in retirement being higher than planned.
Retirement Survey

Healthcare Costs Eating into Boomers Retirement Budgets

A third (32%) of Boomers cite healthcare costs as the cause for their cost-of-living in retirement being higher than planned.
Inflation Taking Disproportionate Toll on Canadians Aged 18-34, Impacting Confidence in their Financial Future
Inflation Survey

Inflation Taking Disproportionate Toll on Canadians Aged 18-34, Impacting Confidence in their Financial Future

Half (52%) of Young Adults say they Weren’t Prepared for Impact of Inflation making them Less Prepared than Older Generations
One in Three (32%) Pre-Retirees Expect to Outlive Their Retirement Savings by at Least 10 Years
Financial Security Survey

One in Three (32%) Pre-Retirees Expect to Outlive Their Retirement Savings by at Least 10 Years

Only One in Five (20%) Pre-Retirees Aged 50+ Have a Formal Financial Plan
Inflation Accelerates into Top-Three Retirement Worries among Canadians
Financial Security Survey

Inflation Accelerates into Top-Three Retirement Worries among Canadians

Growing Proportion of Canadians Now Have an RRSP (53%, Up 7 points Since Last Year)
Retirement
Retirement Survey

Living for Today, Not Tomorrow: Majority (54%) Do Not Have A Financial Plan for Retirement.

The Pandemic Has Exacerbated the Situation, Impacting the Retirement Timelines of as Many as One in Four (23%) Non-Retirees.
Retired couple at sunset
Financial Security Survey

Government Disservice: Most (79%) Older Canadians Think Government-Run Savings Plans, Such As RRSP, CPP & OAS, Don’t Adequately Prepare Them for Retirement

Nearly Half (45%) Believe Accessing the Equity in Their Homes Should Be a Part of Retirement Planning
Middle-aged woman at computer
Financial Security Survey

Most Canadian Women Aged 45+ Earning $60k or More (71%, +4 pts) Remain Confident About Affording Retirement Lifestyle, but 29% Are Not So Sure

Strong Retirement Portfolio is Key to Confidence About Financial Stability in Retirement Years
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