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A new poll has found that Canadians aim to retire by the age of 61 on average, while more than half of individuals not yet retired are uncertain about how they will wind their career down at that age.
The poll conducted by the Canadian Imperial Bank of Commerce (CIBC), released Thursday, said that 57 per cent are concerned about how they will achieve their retirement goals by their desired age. Additionally, 66 per cent of non-retired respondents are concerned they might run out of money during their retirement.
Forty-one per cent indicated they are confident they are saving enough to fulfill their retirement ambitions.
Amid widespread retirement concerns, the survey found that 85 per cent of non-retired Canadians have no official plan to achieve their retirement goals.
“Canadians are clear on when they want to retire, but most aren't clear about how it will happen and don't have a formalized plan in place,” Carissa Lucreziano, a vice-president of financial and investment advice at CIBC, said in the news release.
Among those surveyed, 37 per cent said they delayed their retirement due to the economic environment. Amid current economic conditions, 57 per cent of Canadians surveyed said they are focusing on meeting their more immediate financial needs over planning for the future.
Canadians also appeared to favour their Tax-Free Savings Account (TFSA) over their Registered Retirement Savings Plan (RRSP). The survey found 42 per cent of those with both savings vehicles contributed more to their TFSA in 2022.
The survey was conducted by Maru Public Opinion between Jan. 31, 2022, and Feb. 3, 2023. The results were derived from a random sample of 1,544 Canadians who are online panellists at Maru Voice Canada, a market research community.