The UK financial advice sector has been encouraging people to save as much as possible for retirement, however it seems that this message needs to be spread across the Atlantic.
Financial services firm CIBC surveyed 1,522 Canadian adults and found 77% are worried about having enough money in retirement.
Just 11% don’t have any savings and will rely solely on the Canadian Pension Plan and/or the Old Age Security (OAS) programme, which is the Canadian government’s largest pension scheme.
More than a third (35%) are worried about outliving the savings they set aside for retirement, while 26% are not confident with the retirement plan they have put in place.
Events
In a bid to help Canadians gain confidence about their retirement finances, CIBC will be hosting seminars across the country to provide advice to both clients and the general public.
The “A retirement less ordinary — plan to live the life you love” events will be hosted by CIBC experts and advisers and will allow both retirees and pre-retirees to receive the information and advice they need for three important stages of the retirement journey.
They will cover key themes including:
- Preparing for retirement;
- Transitioning into retirement; and
- Living in retirement.
“The transition into retirement is a very pivotal moment in life, and there are steps that should be taken to ensure that your financial situation is secure,” said Kathleen Woodard, senior vice president, personal and small business banking at CIBC.
“The most important first step is to have a plan in place to get yourself there.
“Good planning can be the difference between getting by and living the life you truly want in your retirement.”
