Sun Life Financial/CARP member poll identifies gaps in retirement planning preparedness
TORONTO – Sun Life Financial and CARP released the results of a poll showing that while the majority of respondents age 45-plus expect to live past age 80, one in three of respondents are relying on selling their investments in real estate for financial support during their retirement years.
Sun Life Financial and CARP surveyed CARP members over four days.
When it comes to longevity and retirement planning, the poll found:
• Almost nine in 10 (87.7 per cent) expect to live past age 80 with almost a third (32.7 per cent) expecting to live past age 90.
• One-third (30.8 per cent) will rely on selling investments in real estate to support their retirement.
• Over half (52.1 per cent) have not factored long-term care costs into their retirement plan.
• Approximately 40 per cent overall remain worried about outliving their savings.
“Even with recent reports about the softening of the home sales market, these poll results show that one third of respondents are counting upon selling property to support themselves during their retirement,” said Kevin Dougherty, President, Sun Life Financial Canada. “At the same time, many have not factored in what it might cost if they need long-term care with forty per cent of respondents worried about having enough money – creating some gaps in their retirement planning.”
The longevity expectations of most CARP members are aligned with data from Statistics Canada that reports that at age 65, the average Canadian male can expect to live to age 83 with over four of those years expected to be with a diminished quality of life. At age 65, the average Canadian female can expect to live to age 86 with over six of those years expected to be with a diminished quality of life.
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Tags: business, economy, kevin dougherty, member poll, real-estate, toronto sun
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