Immigrants and lower-income workers are most likely to be concerned about how they'll get by in retirement, Statistics Canada says. Photograph by : Allen MCinnis, The Gazette
Regardless, Statistics Canada said the findings of its 2007 survey raise questions, not just about whether individuals have the finances to get them through retirement but whether they also have the information they need to plan for retirement.
The study found three in 10 older workers have not had any retirement planning advice. It also found roughly the same proportion are concerned about the adequacy of their finances to carry them through retirement. "The prevalence of uncertainty is a strong theme in the results," the report said, adding the uncertainty is also more widespread than previous surveys indicated.
Terence Yuen, a senior economist with the Watson Wyatt Worldwide consulting firm, warns the survey results understate the proportion who should be worried.
Other Statistics Canada research suggests half of households with workers age 55 to 64 have a financial net worth of less than $120,000, which Yuen said is "definitely not enough" to carry them through 15 to 20 years or more of retirement.
Those who should be most worried are not low-income workers, as the Statistics Canada report suggests, who can probably manage on the public pension system, but mid-income workers, who don't have the savings to maintain their current lifestyles in retirement, Yuen said. For those age 55 or more, it's "probably too late" for them to accumulate the necessary savings, he said.
© The Gazette (Montreal) 2008
September 10, 2008
CANADA: Older workers worry about retirement income: survey
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MONTREAL, Quebec (The Gazette), September 10, 2008:
By Eric Beauchesne, Canwest News Service
One-third of older workers nearing retirement age say they worry about whether they will have adequate income when they leave the workforce, Statistics Canada says.
Concern about the adequacy of their finances to see them through retirement is most prevalent among lower-income workers and recent immigrants, according to a report made public yesterday on the retirement planning and expectations of workers age 45 to 59.
A private sector analyst, however, said the report not only understates the proportion of who should be worried, but it's middle-income Canadians - not the poor - who should be concerned.
Immigrants and lower-income workers are most likely to be concerned about how they'll get by in retirement, Statistics Canada says. Photograph by : Allen MCinnis, The Gazette
Regardless, Statistics Canada said the findings of its 2007 survey raise questions, not just about whether individuals have the finances to get them through retirement but whether they also have the information they need to plan for retirement.
The study found three in 10 older workers have not had any retirement planning advice. It also found roughly the same proportion are concerned about the adequacy of their finances to carry them through retirement. "The prevalence of uncertainty is a strong theme in the results," the report said, adding the uncertainty is also more widespread than previous surveys indicated.
Terence Yuen, a senior economist with the Watson Wyatt Worldwide consulting firm, warns the survey results understate the proportion who should be worried.
Other Statistics Canada research suggests half of households with workers age 55 to 64 have a financial net worth of less than $120,000, which Yuen said is "definitely not enough" to carry them through 15 to 20 years or more of retirement.
Those who should be most worried are not low-income workers, as the Statistics Canada report suggests, who can probably manage on the public pension system, but mid-income workers, who don't have the savings to maintain their current lifestyles in retirement, Yuen said. For those age 55 or more, it's "probably too late" for them to accumulate the necessary savings, he said.
© The Gazette (Montreal) 2008
Immigrants and lower-income workers are most likely to be concerned about how they'll get by in retirement, Statistics Canada says. Photograph by : Allen MCinnis, The Gazette
Regardless, Statistics Canada said the findings of its 2007 survey raise questions, not just about whether individuals have the finances to get them through retirement but whether they also have the information they need to plan for retirement.
The study found three in 10 older workers have not had any retirement planning advice. It also found roughly the same proportion are concerned about the adequacy of their finances to carry them through retirement. "The prevalence of uncertainty is a strong theme in the results," the report said, adding the uncertainty is also more widespread than previous surveys indicated.
Terence Yuen, a senior economist with the Watson Wyatt Worldwide consulting firm, warns the survey results understate the proportion who should be worried.
Other Statistics Canada research suggests half of households with workers age 55 to 64 have a financial net worth of less than $120,000, which Yuen said is "definitely not enough" to carry them through 15 to 20 years or more of retirement.
Those who should be most worried are not low-income workers, as the Statistics Canada report suggests, who can probably manage on the public pension system, but mid-income workers, who don't have the savings to maintain their current lifestyles in retirement, Yuen said. For those age 55 or more, it's "probably too late" for them to accumulate the necessary savings, he said.
© The Gazette (Montreal) 2008
