setrjack.blogg.se - Abacus security

Sixty-six per cent are willing to pay for this access themselves by accepting a slightly lower salary in exchange for a better (or any) pension.

82% of Canadians agreed that all workers should have access to a pension that guarantees a percentage of their working income in retirement.

McCormick added: “Savings challenges are more acute for younger adults, but there is an agreement across generations that an important solution to the problem is better workplace retirement savings plans, and that everyone has a role to play on this front”: Non-homeowners 18 to 34 are worried about the impact of interest rates on their ability to buy a home, and an equal proportion of homeowners in that age group are worried about their ability to afford current/future mortgage payments. Compared to Canadians 35+, those in this younger group are less likely to own a home (47% vs.

While concerns are widespread across age groups, the situation is worse for Canadians aged 18 to 34. And if current trends continue, it will be tougher for younger generations.” “Seventy-five per cent of all Canadians agree there is an emerging retirement crisis in Canada and 72% feel that saving for retirement is prohibitively expensive - both up seven points over last year. “The general outlook for retirement security in Canada is darkening,” said David Coletto, CEO of Abacus Data. And an equal number of homeowners are worried about others’ ability to buy their home as they approach retirement. In addition to the high levels of concern over current housing affordability, 58% of non-homeowners said they are worried about what interest rates will do to their ability to buy a home. Nearly half of Canadian homeowners are planning to rely on the sale of a home to set themselves up for retirement (45%), but that plan is becoming increasingly risky in the current environment. Thirty-two per cent of working Canadians said they have yet to save anything for retirement, and 38% said they have saved nothing for retirement in the past year. Saving for retirement is the number two priority amongst Canadians, with 53% citing it (affording the day to day was number one, at 62%), but many are struggling to accomplish it. It raises the question of whether Canada’s younger generations are headed for a perfect storm on retirement security.” Saving for retirement top priority - but a third have saved nothing At the same time, funding retirement through the sale of a home is becoming a less viable strategy for many individuals.

“Well over half of Canadians expect these factors to cause financial challenges and force them to retire later. “Retirement and savings concerns have been high every year we’ve done the Canadian Retirement Survey, and now they’re being exacerbated by rising interest rates and inflation,” said Steven McCormick, SVP, Plan Operations, HOOPP. Other top concerns impacting retirement security were the day-to-day cost of living (66%), which was up 11 points, “income keeping up with inflation” (62%) and “housing affordability” (56%). In the survey of 1,716 Canadian adults, 55% said they were concerned about having enough in retirement, which was up six points from last year. The outlook is particularly troubling for those under the age of 35, whose barriers to home ownership and savings capacity - both of which have a strong impact on retirement security - are increasingly challenged by these economic conditions. Economic factors like rising inflation and interest rates are threatening Canadians’ retirement security, according to the 2022 Canadian Retirement Survey from Healthcare of Ontario Pension Plan (HOOPP) and Abacus Data.