SURVEY: Nearly A Third Of Canadians Close To Retirement Have No Savings

Once again, a deeper look into the financial situation of Canadians reveals serious concerns.

A CIBC survey raises some big concerns about the situation facing many Canadians close to retirement.

As noted by Pattie Lovett-Reid writing for BNN, “According to the CIBC report released on Thursday, the average amount of personal savings Canadians estimate they’ll need to retire comfortably is $756,000. What’s disturbing to me is that this $756,000 figure is simply an estimate and not based on fundamentals, such as how much money you can expect from your employer, the government and various personal savings vehicles.”

The concern is heightened by the fact that many aren’t reaching the savings estimate:

“Another troublesome finding from the CIBC poll is that the average amount that Canadians save for retirement is only $184,000, while 30 per cent of respondents said they have no retirement savings and 19 per cent have saved less than $50,000. “

Now, there are growing concerns of a retirement crisis.

A big part of this looming problem is the fact that government has dramatically grown in size for decades. Bit by bit, more money is taken out of the pockets of Canadians. Combined with decades of stagnant wages, and weak economic growth, many people are simply unable to make enough money to save what is necessary for retirement.

The situation is also dire for younger generations, feeding a widespread perception that retirement will be out of reach for millions of Canadians.

The true solution to this problem is to unleash the growth of our economy and make it easier for people to amass the income necessary for savings and a secure retirement. Additionally, a stronger economy would make it possible for families to help those who are struggling as retirement nears.

Unfortunately, the government has been moving in the opposite direction – imposing more taxes and more regulations. Unless that changes, a retirement crisis will become more and more likely.

Spencer Fernando

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Moe Somers

Canadian seniors better pray, Trudeau the drunken sailor on the Sunny Ways spending ship doesn’t up the age from 65 to 67 or higher in order to qualify for the Canada Pension funds.
Like the Veterans, Trudeau won’t hesitate to tell Canadian Seniors, “you’re asking for more than we can give you right now.” You can be sure Trudeau’s SENIOR CITIZEN MOTHER MAGGIE will never suffer.

Tara

Homeless CANADIANS, some Seniors in my town are out all hours digging in Garbage for something to eat, collecting cans for a few pennies; I have just reviewed a Utube that states so called Refugees/Immigrants can collect as much as $3500.00/month; could this be accurate? It is difficult to get transparency on this figure; this I know…Mr. Trudeau is spending millions of Canadian Taxpayer monies on whatever the Whim of the Day is when I as a Canadian have not been consulted to agree/disagree..have You?

Randy

Yes I am always consulted at election time and things only continue to get worse no matter what party is having a party in Ottawa

Christine

I have a friend when he was 23, he received his statement from the government that said that if he were 65 he would receive $575 monthly for the CPP. After working for 40 years at 63 years of age, his statement says that if he were 65, he would receive $625 monthly for the CPP. So the inflation for CPP over 40 years was $50? I dont think so. Something funny about CPP. Most people receive about $500 monthly.

Randy

You are talking about Canada aren’t you ? Maybe you should take a break from Faux Noise for a while.