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Many Canadians worry about financial challenges in retirement

By Andrew Rickard | February 23 2016 10:04AM

In a recent survey conducted for BMO Wealth Management, more than half of the respondents said they will miss their employment income when they retire, and many are worried about running out of money or becoming ill.

Asked how they feel about retirement, 59% of those surveyed said they either miss or will miss their employment income. As for the most significant challenges they expect to face when they stop working (they could give more than one answer), 67% say it will be ensuring they do not run out of money to live comfortably, 66% expect it will be dealing with serious health problems, while 42% are concerned they will have trouble finding a sense of purpose.

About half are upbeat

However, about half of Canadians are upbeat about retiring; 55% say they are excited and optimistic, and 52% say they feel prepared for whatever might happen.

The report also found that 64% of Canadians have thought about the non-financial aspects that will give them satisfaction in their golden years. Being busy and active (85%), remaining independent (63%), and forward thinking (40%) were the top three responses chosen in the poll.

What will make you happy?

“It's important not to neglect non-financial concerns as you make plans for retirement,” comments Chris Buttigieg, senior manager of wealth planning strategy at BMO Wealth Management. “Think about what will make you happy and fulfilled during this stage of your life, including where you want to live and how you plan to spend your time. These considerations can be incorporated into your financial plan to ensure you're able to achieve your ideal retirement lifestyle.”

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